In Illinois, a deficiency judgment after foreclosure means that:
Correct Answer
B) The lender can seek a court judgment against the borrower for the difference between the foreclosure sale price and the outstanding loan balance
In Illinois, a deficiency judgment allows the lender to pursue the borrower for the difference between what was owed on the loan and what the property sold for at the foreclosure sale. Illinois permits deficiency judgments, unlike some states that prohibit them.
Why This Is the Correct Answer
In Illinois, a deficiency judgment allows the lender to pursue the borrower for the difference between what was owed on the loan and what the property sold for at the foreclosure sale. Illinois permits deficiency judgments, unlike some states that prohibit them.
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