Here is a link to some more helpful information on this subject...
In other words, unless the homeowner has it in writing that the lender wouldnâ€™t pursue the deficit judgment, then the homeowner maybe up a creek without a paddle. Even if they do, chance are they are still going to have to prove the validity of the agreement sometime in the future because most likely, the big old bank arenâ€™t going to have accurate records and pursue it anyways.
If the homeowner has an agreement, tell them to file it away in a safety deposit box at the bank because they may have to whip it out sometime in the future.
Tina Evans, Principal Broker