Posted by dewCO on December 27, 2000 at 22:51:49:
Depends on the bank. They could try to collect whatever the balance was that was owed, that they lost when it was sold (and this applies to a short sale too). Also the IRS can try to tax the difference also. However, couldn’t say how often either of them persues these avenues and there is legislation in Congress to try to take away these avenues of going after a seller/owner I believe.