Foreclosure unpaid balance?

Question

ok I have read a few things saying some lenders may come after you after the foreclosure has taken place. How do I find out if my lender is one of them. Is there a list or some site that posts up what lenders often do this.

Answer 1

You should assume that your lender will come after you for any unpaid amount as well as the cost of selling the home.  The only thing that would protect you is bankruptcy.

Answer 2

If you have the original loan that you used to purchase the house, the bank can take the house.  Nothing more.

If you refinanced or took out a later 2nd mortgage, you are treated differently by the law.  You are no longer a novice.  The bank can come after you for any money they lose.  It takes them 18 months and they never collect any money so they seldom do.  But they can. /

Answer 3

NO it is done on a case by case basis.