Probably not...
Posted by Ward-CA- on September 02, 2002 at 23:04:03:
In Reply to: If I let my home foreclose, will I owe anything? posted by David Quint on September 02, 2002 at 21:57:08:
: My home is currently in foreclosure and due to be auctioned in Charlotte, NC on Sept. 13th. I have tried to work a short sale with the mortgage company and they denied the sale. I have tried to come up with enough money to pull the home out of foreclosure and cannot. My only options that I have not tried is to file for Chapter 13 bankruptcy or let the home foreclose. If I let the foreclosure complete, will I owe the mortgage company, HUD, or Attorney fees?
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David,
A post-foreclosure, deficiency judgment is allowed in NC. But that doesn’t necessarily mean that your lender will attempt to pursue their deficiency rights against you. It probably depends on their assessment of whether or not you’d have the resources to pay for a deficiency judgment if they went through the time and expense to go to court and get one against you.
In most cases they assume it’s like trying to get blood out of a turnip and just let the shortage slide.
For quick facts about NC’s foreclosure process just click on the link below.
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