As I discussed in my posts about the different options for homeowners in “underwater” mortgages, Minnesota allows for deficiency judgments in some cases. See Minn. Stat. § 582.30.
If your house is going into foreclosure, or you think that you may have to short sale your house, please consult with an attorney about it. There is a lot of mixed information out there about what happens when there is a deficiency after a foreclosure or short sale. It’s imperative to have accurate information when your financial future is at stake.
Elizabeth Rosar Chermack is a Burnsville Attorney who offers Foreclosure Options Consultations. Call (952) 491-0390 or send an email to liz@chermacklaw.com to schedule a consultation with Liz.
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