Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Maine?

April 26, 2017borrower Deficiency foreclosure judgment Lender Maine money sale Sue

0

Posted

Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Maine?

1 Answer

0

Posted

Yes, however the amount that can be recovered in a deficiency judgment is limited by the fair market value of the property. The borrower can be sued for the difference between the fair market value of the property and the foreclosure sale price or the difference between the amount owed on the loan and the foreclosure sale price, whichever is less.