X

Mortgage rates were high and stagnant all spring. Will that continue this summer? See HSH's latest Two-Month Mortgage Rate Forecast for our outlook.

Mortgage rates were high and stagnant all spring. Will that continue this summer? See HSH's latest Two-Month Mortgage Rate Forecast for our outlook.

Will my lender come after me following a foreclosure?

Q: Does Bank of America pursue deficiency judgments in home foreclosure? 

A: Whether a mortgage lender can or cannot pursue a deficiency judgment against you after a foreclosure depends upon state laws. You don't mention where you are, but you can review the laws for your state to see what your lender is allowed--or not allowed--to do in such a case.

However, these laws can be complicated and there can be all manner of exceptions, so you will do well to consult an attorney who specializes in property issues in your state to see what can and cannot be done in your case. There may or not be time limits on when an action can be filed against you, there can be exclusions of your personal assets (or not) and plenty of other caveats which need careful review.

Deficiency judgments aren't always the result of a foreclosure--lenders can pursue these in the event of a short sale, too. However, unlike in a foreclosure action, this liability can often be negotiated away, and a lender can waive some of all of their rights to future claims.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Please enter a question.
Please enter name.
Please enter email.
Captcha code invalid
Q: Does mortgage insurance assist the survivors of a deceased policy holder?
APR 08, 2025
A:

Credit life insurance is sold to homeowners as a means to pay off the mortgage in the event of the death of the homeowner.

Read More
Q: I don't have a Social Security number. Can I get a mortgage?
MAR 31, 2025
A:

Fannie Mae states they do back loans for borrowers who have no Social Security number.

Read More
Q: Will I pay an ACA/ObamaCare tax when I sell my home?
JAN 17, 2025
A:

Some homeowners will pay this 3.8 percent tax when they sell their homes, but only if they meet certain conditions.

Read More