After a foreclosure sale in Maine, if the sale proceeds do not cover the outstanding loan balance, the lender may pursue a:
Correct Answer
A) Deficiency judgment against the borrower for the remaining balance
Maine allows deficiency judgments. After a foreclosure sale, if the proceeds are insufficient to satisfy the outstanding mortgage debt, the lender may pursue a deficiency judgment against the borrower for the remaining balance. Maine is a judicial foreclosure state, and deficiency judgments are permitted under Maine law.
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After a foreclosure sale in Idaho, if the sale proceeds do not cover the full loan balance, what is true about the lender's ability to pursue the remaining debt?
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