President Signs Bill for No Phantom Tax?

[Love2Invest]

So if the homeowner cannot be taxed on the income.  Can the lender still go after them for the balance? 

Mortgage:200K
Sold: 150K
Defieciency: 50K

Even if the homeowner cannot be taxed on that 50K, can the lender still come after them for it by trying to make them sign a promissary note or sueing them?

Thanks

JD

[YoungNSoTheySay]

Thats exactly like my last question only worded and described way better than me.  My sister-in-law says that in her experience, and she's been in the real estate industry for over 10 years five of which as a loan consultant at Washington Mutual, has seen all the lenders go after the deficiency no matter what paperwork has been signed.
She says the mortgage is the promissory note and the homeowner is still responsible for paying back what was loaned to them. .  Things might work a little differently here in New York though. Too many damn taxes if you ask me.

-James K.