If my property has been repossessed by the bank, am I still liable for the full mortgage amount less the auction price?
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If my property has been repossessed by the bank, am I still liable for the full mortgage amount less the auction price?
Asked on June 10, 2012 under Real Estate Law, District of Columbia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
What you are referring to is known as the "deficiency" or the mortgage amount minus the price obtained at auction. Unless there was an agreement otherwise where the bank waived the deficiency they could come after you and obtain a judgement for the amount. Seek legal help. Good luck.
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