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Getting personal: deficiency judgments and foreclosure

It's a harsh truth, but truth nonetheless: when a foreclosure sale doesn't cover a borrower's debt, the lender can go after the borrower -- personally -- for the amount due on the property. And while courts might not like it, they can't ignore the lender's prerogative.
So writes Stephen J. Butler in the latest ISBA Commercial Banking, Collections, and Bankruptcy newsletter. Read his article, which discusses the legal standard for entering a deficiency judgment and "address[es] several of the common roadblocks thrown up by courts in denying such judgments [and]...the legal arguments that should be made to overcome these roadblocks."
Posted on July 20, 2011 by Mark S. Mathewson
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