What is a deficiency judgment?

A deficiency judgment is a court order obtained by a lender requiring a borrower to personally pay the difference if a foreclosure sale price does not cover the total outstanding mortgage debt.

Which states do not allow deficiency judgments?

States with strong anti-deficiency protections (non-recourse) include California, Arizona, Oregon, Washington, Minnesota, and North Dakota. However, protections often only apply to primary purchase-money mortgages.

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Will I owe the bank money after foreclosure?

If your house sells at auction for less than what you owe, you could face a personal lawsuit. Find out your state's recourse rules and calculate your deficiency exposure.

State *

Total Outstanding Debt ($) *

Estimated Property Value (FMV) ($) *

Is the Property Your Primary Residence? *

Was this Mortgage Used to Buy the Home? (Purchase Money) *

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