4 ms·

If the bank repos the property and it sells for less than the debt owed, they can and will come after you for the difference.

• jeffbee 6y ago
  That depends on jurisdiction. It's not generally true. In my state, which is huge and populous, if the bank isn't made whole by auctioning off the property, that's their problem and they can fuck right off.
  • busterarm 6y ago
    It's almost like the banks have skin in the game to vet who they lend money to!
  • jjeaff 6y ago
    Interesting. I didn't realize some states didn't allow it. Looks like around 14 states don't allow deficiency judgements.