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Are you responsible for the balance on a froeclosure after the property is sold?
Wiki User
∙ 11y ago
The short answer is yes. In practice, it's fairly likely that you don't have any assets to speak of anyway, and if the bank is actually trying to come after you for this, you can probably just have it discharged through bankruptcy.
Wiki User
∙ 11y ago
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Who is responsible for a property still in the foreclosure process once you vacate the premises?
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
Can a home be sold for unpaid property taxes if it has an outstanding equity loan balance?
Yes, depending on the state, a home can be sold for unpaid property taxes.
If your trailer home was repossessed and sold are you responsible for the remaining balance of the loan?
Yes. You are responsible to repay every cent of the loan plus the stated interest rate and the default interest rate if any is stated in the loan papers. The lender is allowed to take possession of your property if you fail to make the scheduled payments on the loan. However, by the time the lender repossesses the property, the value of that property has usually gone down due to neglect or abuse of said property. The lender is bound to get the best sales price for the property. If you owed $10,000 on the loan and the property was sold for $12,000, the lender has to return the extra $2,000 to you. However, if you owed $10,000 and the property sold for $8,000, you would be responsible to pay the $2,000.
When in the market to buy commercial property whose responsibility is it to search for property being sold?
The government is responsible for search of property being sold. They have to keep track of everything that's property related, because properties have a very high value when sold in big numbers.
If you surrendered a RV can you be held responsible for debt after it is sold?
Yes, you are responsible for the difference in the balance you owed and the amount they sold it for. i.e.: owed 50,000, they sell it for 30,000; you still owe them 20,000.
If your balance was 7000.can they sue for 5500.when they have the car?
Yes. Undoubtedly they sold the car a received $1500 from that sale. You are responsible for the balance of the note which is $5500.
How do properties for sale get sold quickly?
Properties for sale get sold quickly through good property sales pitches made by realtors. Realtors are the ones whom sell the property and thus are responsible for how quickly the can be sold.
If the property in the irrevocable trust is sold who pays the federal and state income tax?
The trustee or the administrator of the trust or the beneficiaries would be responsible for paying the taxes that may be due when the property is sold.
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Gun you sold was used to shoot someone?
You are not responsible for what others do with their own property, unless you knew they were a felon.
Can a property that was sold for taxes be included in an estate?
No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.No. That property was no longer owned by the decedent if it was sold for unpaid property taxes.
How long is an owner responsible for a property after it is sold?
The exchange of title is the key date. Unless there is an agreement otherwise, the responsibility passes with the title.
