What If The Property Does Not Sell For Enough To Pay The Full Value Of The Lien
If the foreclosure does not bring enough proceeds to pay off all of the debt (including the full value of the mortgage), one can still collect the remaining amount from the debtor. A completed foreclosure only wipes the lien off that particular property. While the lien will be removed from that property the debtor is still personally liable for the full amount of the judgment. By law, one can seek what is called a Deficiency Judgment against the homeowner and take the homeowner to court and obtain a new judgment against them.
NOTE: If the lien is not completely paid off, the judgment, which was recorded in the land records, remains in effect. If the debtor owns any other property or purchases any other property within that county, a lien will automatically attach to that property.
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