Foreclosure Consequences for the Borrower under the USDA Rural Home Loan Program

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An example of how borrowers under the USDA Rural Home Loan Program are personally liable for an loss claims filed by primary lenders in this upside down market. That's right, the low income borrower will personally owe the government any deficiency in a short sale or trustee's sale if they allow the foreclosure of an upside-down USDA Rural Home Loan guaranteed property.

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Published In: Agriculture Updates, Bankruptcy Updates, Consumer Protection Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Kassandra McQuillen, Kassandra McQuillen Attorney at Law | Attorney Advertising

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