Real Estate Law
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If they foreclosed, the lender can come after you for any deficiency—for the amount that the property was sold for less than the mortgage on the property. However, once the property is foreclosed, you are no longer responsible for the insurance and other related expenses. However, the lender can come after you for deficiency if the property sold for less than the mortgage on the property. You can wipe out the deficiency through your Chapter 7 bankruptcy.