Legal Question in Bankruptcy in Maryland
foreclosure
can you tell me what balance subject to decree in personum means
Asked on 7/01/08, 4:41 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: foreclosure
If the amount for which the property is sold at the foreclosure auction is less than the amount owed on the mortgage note (including costs of foreclosure), the lender can get a personal judgment against the borrower for the amount of the deficiency. That judgment would be a lien on any other real estate, and would allow garnishment of wages and bank accounts as well as other collection measures.
Answered on 7/01/08, 5:58 pm
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