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What happens if theres not enough of a bid to pay off the mortgage?

April 26, 2017bid happens mortgage pay

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What happens if theres not enough of a bid to pay off the mortgage?

1 Answer

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If there’s not enough proceeds from the sale to cover the debts owed on the property (mortgage(s), liens and others), the remaining debt is considered to be an unsecured debt. Therefore, you are still responsible for the debt.