Like private loans, you will immediately owe the full balance of your loans, along with any interest that accrued. (studentloanhero.com)
If that owner suddenly needed to get the full balance of the loan, he might choose to sell that mortgage to a «note buyer» for a discount. (biggerpockets.com)
The deficiency judgment typically happens when the lender auctions off the asset, but doesn't get enough money from the sale to cover the full balance of your loan. (debtsettlement.com)