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#2019742 - 06/11/15 12:37 PM TRID Liability after foreclosure Sec. 1026.38(p)
Beachbum, CRCM Offline
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Joined: Dec 2006
Posts: 499
Knee Deep in Regs
Under the section on Liability after foreclosure:
Does anyone know if PA state law protects the borrower from unpaid balance liability after foreclosure?

we are getting conflicting answers.
thank you
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What we think, we become.
Buddha

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#2020257 - 06/12/15 11:00 PM Re: TRID Liability after foreclosure Sec. 1026.38(p) Beachbum, CRCM
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
The bank needs to speak with legal counsel experienced in consumer foreclosures. The answer is it depends upon the situation. If the situation might lead to a deficiency judgement, subject to specific conditions, answer yes on the disclosure.

The following is not legal advice, talk to counsel.

http://www.nolo.com/legal-encyclopedia/deficiency-judgments-after-foreclosure-pennsylvania.html
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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