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Depending on what state you are in they will work with you for a series of months to get things on track for you. Ultimately, foreclosure is the bank realizing that they will no longer be able to get funds from you. If you are still in the early days of not being able to pay you should see if the bank will take a short sale. This allows the bank to take a price of the house that will close the gap of what you owe. For instance, if you owe $200,000 and can only sell it for $180,000; you only owe the $20,000 difference which is light years ahead of $200,000. If you have any more questions about the process please contact girlstripe3@hotmail.com.

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Q: What happens if your house goes into foreclosure do they come after you for the remaining balance on the loans if they don't get enough money to pay the loans off in auction?
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Related questions

What happens if you can't pay any remaining balance on a repossessed car and do not have a job?

The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.


What happens to homes in foreclosure?

The homes in foreclosure are sold at auction after notice and publication of the date, time and place.


What happens if you haven't paid the remaining balance after the repossession?

"remaining balance" as in what you are behind OR the remaining balance due on the loan??


If you owe more than the car is worth what happens if it gets repossessed?

The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.


What happens if you let a car go back?

They will sell it at auction for pennies on the dollar and then come after you for the remaining balance. They will often sue you if you have a garnishable job and then garnish your wages if you refuse to pay.


What happens after the foreclosure auction who has to pay the difference between the amount sold at the auction and the difference of the loan?

the lender can seek a deficiency judgment against the homeowner in court


What happens if your home does not sale at the foreclosure auction?

at the auction sale of my home the sale was stopped. i did not file bankruptcy. i have two mortgages own by investors need to make a decision to or to move?


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 happens to the first mortgage if the second mortgage is in foreclosure?

nothing...it remains a lien on the property and a debt which is assumed by the successful bidder at the auction of the 2nd mortgage


What happens if the home fails to sell at the foreclosure auction?

by definition, a foreclosed property has to have someone file the foreclosure usually due to them being owed money and the property is security on the property. This is not cheap or free. Hence, there is always a "buyer" out there which is often the lender.


What happens if a homeowner does not make payments on their mortgage?

The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.


What happens to your down payment in foreclosure?

The money is gone after foreclosure.