When a person loses their home, can they still be sued for the remaining balance?
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When a person loses their home, can they still be sued for the remaining balance?
Where and what type of mortgage?
Generally the house will be sold at auction and the proceeds applied to the balance. With current laws, I believe the lender cannot go after the home owner for the balance, but if they "forgive" the balance, that becomes taxable income to the homeowner.
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