My question is if when there is final judgement and mortgage is foreclose on, is it just that the bank can't have this property as collateral but the bank will go after the guarantor, or once the mortgage is for a close down it is basically wiped out clean.

Obviously the association in a majority of cases will have been established before any sort of other note or judgement could be placed against the property. 

However, if your partner is sued and a judgment is entered against them-you are also liable for the full or partial portion of the judgement; your only recourse would be indemnification against your partner. 

I guess the deficiency judgement would be key, if considering a short sale. 

We won a judgement against them recently for $2465.

We wereJust told though that W Fargo had their judgement on us vacated....thisWas year 2012 that this happened.

@Nicholas Bravo,If that $300k judgement shows up on your credit report, you will have a hard time getting traditional mortgage financing until it is paid.

More than $1000 in collections is a red flag for me, specifically if the type of debt is utilities or judgements. 

A house I help manage had a dog that tore a rather large whole in the carpet, it was an easy fix and luckily we were able to take it out of the deposit.As others said before make sure you have a large enough deposit to cover any damages, charge a little extra per month (we charge 50$) and use your best judgement

IE, basically if it's the actual credit report that another mortgage lender (& only another mortgage lender) pulled within the last month or so, and not the "credit score disclosure" summary thing (this thing tells me nothing about lates, disputed accounts, accounts in collections, foreclosures, civil judgements, etc).Don't walk in for a quote based on Discover Card or CreditKarma or a car salesman saying you have this or that FICO score.