Am I liable to pay the remaining debt/mortgage on my foreclosed, auctioned condo in California. Condo was auctioned off in August 2017.

UPDATED: Jan 5, 2018

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Am I liable to pay the remaining debt/mortgage on my foreclosed, auctioned condo in California. Condo was auctioned off in August 2017.

I had a mortgage on the property, but moved out of state. I have not lived in the
property for 12 years. As I said, it was finally sold at auction in August. What is my
financial liability for the remaining mortgage.

Asked on January 5, 2018 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Yes, you are still liable for any remaining balance due on the mortgage after the foreclosure sale. The mortgage is a contract: you obligated yourself to pay a certain amount. Foreclosure is one way the lender can try to get their money if you default, but it's only a mechanism to get paid: it does not eliminate your obligation. If you the home sells at the auction for less (after paying the costs of the auction first, which come off the top) than the remaining balance, you are still liable--and the lender can still sue you for--the difference between the amount owed and what they realized via the auction. 
Where you lived is irrelevant to the issue of what you owed.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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