A broker is explaining post-foreclosure collection risk to a seller whose loan is in trouble. Which of the following statements about deficiency judgments is NOT accurate?
Correct Answer
A) A deficiency judgment is automatically available after every foreclosure in every state
It is not accurate to say a deficiency judgment is automatically available after every foreclosure in every state. Deficiency rights can vary by jurisdiction, loan type, transaction structure, and any applicable anti-deficiency rule, waiver, settlement, or program requirement.
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