0
After foreclosure can the bank garnishee your wages for the difference of what you owe and what the house sells for?
Wiki User
∙ 16y ago
If they can get the court to allow this. Consult with an Attorney.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Can you put a house for sale in foreclosure?
You can put a house up for sale in foreclosure, but the foreclosure process could happen before the house sells. It doesn't make any sense, if you would like to sell the house, do so before foreclosure.
What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
What if the bank sells the house for more than you owe on the foreclosure?
If the bank sells the house for more than you owe. First, if you owe any other mortgages they will get paid first. after all of the liens of your property have been paid, the borrower(you) receives the rest. example you owe 100,000 on mortgage 20,000 on equity line the house sells for 150,000 mortgage and equity line get paid off. and you receive the difference of 30,000 dollars
How do foreclosures work?
A foreclosure occurs when a homeowner defaults on their mortgage payments, and the bank sells the house in order to get it money. The homeowner has the right to redeem the house before the sale, in most states.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
When a bank seizes and sells a home to get as much of its loan back as possible?
That is known as foreclosure.
What happens during a foreclosure?
After a default by the borrower the bank takes possession of the property and sells it.
What payments may you have to make if your car is repossessed and can they garnish wages?
Payments are the entire balance due after the lender sells the car and YES, in most states they can garnishee your wages.
Can expenses preparing a house for sale be deducted if foreclosure occurs?
Deducted from what? If a house is sold at foreclosure, expenses related to preparing the house for a normal sale are not relevant. Generally, expenses to prepare a house for a voluntary sale are not recovered in the sale, except for a few markets where demand for houses exceeds the supply, and even then the seller is better off just cleaning up cluttered rooms and making coffee or baking something chocolate while showing the house. If, by some chance, your house sells at auction for more than you owe and the fees for the foreclosure, it is unlikely any of the expenses would qualify as increasing the basis (how much you paid for the house), thus lowering your taxable gain.
What happens after a foreclosure?
Foreclosure is the legal process whereby a mortgage company takes your home back from you and sells it to recoup the money they loaned to you. if you intend not to foreclose it better file bankruptcy from the experts
What does foreclosure in a house mean?
its like when you cant pay your rent in an apartment. the people that own it kick you out. or, in this case, the bank does it means that someone cannot afford to pay for their house. therefore the bank forecloses it or in other words takes it away and sells it for the remaining balance of the loan.
When your forclosed home sells are you responsible for the shortfall?
i live in SD and my home was sold in foreclosure,how long do i have before i have to move out of it.
