Home in Georgia was primary residence. There was a first mortgage of $150K and a HELOC for $250K. The credit union (where the HELOC is) bought out the first and foreclosed on us. They then sold the house for $193K, leaving a deficiency of approximately $225 (with all fees added in.) Credit union foreclosed June 2010.
Since the credit union bought out the is the deficiency still considered unsecured debt?
Or do the rules of seeking a deficiency in a 1st mortgage foreclosure now apply to them?
In other words - it is my understanding that with a first mortgage, banks have 30 days after foreclosure to get a deficiency judgment. In a HELOC deficiency, the time limit extends to several years. Am I still open to deficiency judgment in this situation where the second mortgagor bought out the first and then foreclosed.