What is the name of your state (only U.S. law)? Maryland
Does someone know whether banks whose 2nd position mortgages were wiped out because of the foreclosed 1st lien, can go after the borrower with deficiency judgement in order to recoup the loss (at least partially)?
Also, if this is the case, what can ex-homeowners do to avoid having the wage garnishment (i.e. file for 7th chapter BK) ?
Thanks in advance
Added later: Also, do you know whether obtaining a deficiency judgement after foreclosure is a long-drawn process (i.e. involving serving defendant, dragging him to the court and standing in front of the judge proving why and what's owed) or rather a matter of filing proper paperwork?
Does someone know whether banks whose 2nd position mortgages were wiped out because of the foreclosed 1st lien, can go after the borrower with deficiency judgement in order to recoup the loss (at least partially)?
Also, if this is the case, what can ex-homeowners do to avoid having the wage garnishment (i.e. file for 7th chapter BK) ?
Thanks in advance
Added later: Also, do you know whether obtaining a deficiency judgement after foreclosure is a long-drawn process (i.e. involving serving defendant, dragging him to the court and standing in front of the judge proving why and what's owed) or rather a matter of filing proper paperwork?
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