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No. The State of Maryland has long-standing foreclosure legislation that allows lenders up to three years to file a deficiency judgment for the balance of loans after the proceeds of a foreclosure sale have been applied.

For example, you are foreclosing on a $400,000 mortgage. The bank takes possession of the property. After filing the necessary notices, sells the property in a foreclosure sale or auction for $300,000, the bank may file for judgments against you of up to $100,000. If the court finds a default, then you will owe the money, according to the payment terms set by the court to the lender.

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16y ago

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