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Roger, Lawyer
Category: Real Estate Law
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I have a home in Arkansas. It is getting ready to go into

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I have a home in Arkansas. It is getting ready to go into foreclosure. Will I be haunted to pay anything? My wife died after relocation and sapped all my savings. I carried it for two years.
Submitted: 7 years ago.
Category: Real Estate Law
Expert:  Roger replied 7 years ago.
It is possible that a deficiency judgment will be sought against you. A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures. Under the power of sale statute (Arkansas Statutes, Title 18-50-112) the lender must seek a deficiency judgment within twelve (12) months after the foreclosure sale. The deficiency cannot exceed the lesser of the amount due less fair market or the amount due less the amount of the sale.
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