A “Deficiency Judgment” may result due to the unpaid balance of the judgment
after the sale of your home. Most lender documents contain provisions
that entitle the lender to recover interest, attorney’s fees and costs if
the lender is the prevailing party. The amount of the “Deficiency Judgment”
may be established through a separate hearing after the Foreclosure
Sale. Whether a lender pursues a Deficiency Judgment varies from case to
case. If your lender elects to pursue a Deficiency Judgment, you may have
to consider bankruptcy or other options.