How the One Action Rule and Anti Deficiency Laws Protect Homeowners

Special Episode 1, Short 1

Some states limit what a bank can do after a mortgage default. Mitchell Sussman explains that the one action rule allows a lender to choose only one path when a borrower stops paying. The bank can either foreclose on the home or file a lawsuit to collect the debt, but it cannot do both. He also discusses anti deficiency laws, which go even further in certain states. When specific legal conditions are met, these laws prevent a bank from suing a homeowner for the remaining balance after foreclosure. These protections can play an important role in how mortgage debt is handled and what options a lender has after a default.

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https://www.youtube.com/watch?v=X_UG3N3SvPA

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