In many states,if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor,the creditor-mortgagee can still sue the debtor for the balance owed,called a remainder.

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In many states, if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor, the creditor-mortgagee can still sue the debtor for the balance owed, called a deficiency. Some states, however, have passed statutes, called antideficiency judgment statutes, that prevent mortgagees from obtaining anything else from mortgagors once the land has been foreclosed and auctioned.

In Many States,if Foreclosure and Auction Does Not Produce Enough