Legal Question in Real Estate Law in Maryland

deficiency judgement

When a property is forclosed and sold at auction does the have to take you to court for the deficiency jugdement or is that automatic?


Asked on 8/25/04, 12:57 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: deficiency judgement

It's rare that a foreclosure wouldn't result in the property being sold for whatever the lender is owed, plus their foreclosure costs. They don't want to have to sue the borrower, who at that point probably couldn't pay a judgment anyway. However, if they did, it would require the filing of a lawsuit and proof of how much is still owed on the promissory note after application of the proceeds from the foreclosure sale.

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Answered on 8/25/04, 1:52 pm


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