If the creditor says that with the lien release the creditor also gives a note deficiency release, the buyer/borrower is no longer obligated on the balance due on the Note. If the creditor does not specifically say in writing that they release the borrower/seller for the deficiency, then the borrower/seller should assume that it will still be liable for the deficiency.
How does a seller know if it is obligated on a deficiency balance of a Note?
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