Legal Question in Real Estate Law in Utah
If a house is sold for less than the original note and the bank agrees to take less, is the seller liable for the difference between the mortgage and the sales price? Can the original note be sold to someone to try to collect the difference at a later date?
Asked on 11/09/09, 2:50 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
The bank can sue for a deficiency judgment on the difference between the sale and mortgage balance. The original note cannot be sold to another, but the deficiency could be assigned for collection.
Answered on 11/15/09, 9:03 pm
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