Legal Question in Real Estate Law in Kansas

Foreclosure on private residence

If my home going into foreclosure and the mortgagor obtains a judgment, when the house is sold will I be held liable for the difference between the amount of the note and the actual amount the home was sold for upon foreclosure?


Asked on 5/30/06, 2:42 pm

1 Answer from Attorneys
Anthony Smith LawSmith

Re: Foreclosure on private residence

YES- if they obtain a personal (or In Personam)Judgment against you.

POSSIBLY NOT- if they obtain an In Rem Judgment.

NO- if the debt is discharched in bankruptcy.

If you owe on a note, you owe on it. Foreclosure is one way to Satisfy (pay)the debt. If the sale of the house does not satisfy all of the debt, some remains collectable in other ways, i.e. wage garnishment property seizure, etc.

If the Mortgagee can only obtain an In Rem ( meaning just to the property at issue) Judgement, they cannot use those other methods to satisfy the debt without obtaining another Judgment or amending the original one.

If the debt on the note is discharged in banjruptcy, you no longer owe it. No obligation to satisfy. The reason for many In Rem Judgements is that the debtor filed bankruptcy.

Good Luck

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Answered on 5/31/06, 5:45 am


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