Legal Question in Credit and Debt Law in Virginia

Mortgage default

I live in New York but own a house in Virginia. If I default on the house in VA and they sell it off for less than what I owe on it, am I resposible for the balance?


Asked on 3/11/04, 4:00 pm

2 Answers from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Mortgage default

Yes, you will be responsible for any shortfall which remains after the property is sold at auction or otherwise disposed of by the holder of the mortgage.

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Answered on 3/11/04, 5:01 pm
Eric Kochel The Law Office of Eric David Kochel, Esq., P.C.

Re: Mortgage default

Yes

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Answered on 3/12/04, 12:52 am


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