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I foreclosed on my home last year and was told by many real

estate experts that the bank...
I foreclosed on my home last year and was told by many real estate experts that the bank would not come after me for the difference. I just received a 1099A showing the balance on the outstanding principal and the fair market value. It also has the box checked stating that I personally liable for the repayment of the debt. The difference is 84,000.00. I have already filed my taxes for this year am have a refund coming. My main concern is will I have the pay the 84K back?
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Answered in 4 minutes by:
2/3/2010
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31,797
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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In Texas, a deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures.  These judgments are limited to the difference between the fair market value of the property (regardless of what the property sold for at the foreclosure sale) and the defaulted loan amount at the time of sale.Fair market value is determined by appraisal.

Thus, the lender does have the right to sue and recover the money from you.
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Customer reply replied 7 years ago
But will they likely come after me? I was told with all of the foreclosures, that they most llikely would not.

You're right that it is not very likely, especially in a state like Texas that doesn't allow wage garnishments.

 

Unless you have a large holding of cash or lien-free property, you're probably safe.

 

 

Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31,797
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified
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