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What Are Anti-Deficiency Laws?

Some states have what is known as "Anti-Deficiency" Laws that protect those that purchase a home as their primary residence when it comes to foreclosures.

The way the "Anti-Deficiency" Laws help those is that if the home is purchased to be occupied by the person buying the home, the homeowner will not be held responsible for any deficiency. This means that the lending company can only receive the money for the property and the proceeds of another sale. The person that purchased the home does not have to pay any difference that may be between the sale of the home and the loan balance. This allows the person to be free of owing any money on the home.

However, in some cases, "Anti-Deficiency" Laws do not apply. In the majority of cases, the laws does not protect for home equity lines or second mortgages. There is also no protection if the home is not used as a primary residence.

To learn if your state has "Anti-Deficiency" Laws you will need to consult a real estate attorney in your state. You should also talk with a foreclosure attorney if you are facing foreclosure to learn your rights as well as learn other options that might be available.
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