What type of answer do I need to submit in response to a foreclosure summons so that I won’t have to pay the deficiency when the home sells?
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What type of answer do I need to submit in response to a foreclosure summons so that I won’t have to pay the deficiency when the home sells?
Foreclosure is in a judicial state.
Asked on June 8, 2012 under Real Estate Law, Kentucky
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
It is good that you are going to submit a timely answer to the complaint. But I do have to tell you that there are no magical words - unless your particular circumstances warrant - to stop a lender from suing you for the deficiency once the proeprty has sold for less than the mortgage. Unless they waive it in some agreement you will be stuck for it. I would suggest that you get some legal help if you think that there has been predatory lending, etc. that may influence the outcome. Good luck.
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