0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What happens if your repossessed house is sold for less than what is owed?
You owe the difference I think.
If foreclosure homes are sold at auction how are realtors selling foreclosure homes - Do they purchase the homes themselves or are they attempting to sell before the auction - How does this work?
the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
What's the difference between a foreclosure auction and a regular auction?
A foreclosure auction is a forced auction. The person who used to own the property being auctioned owed either the bank or the government money. For not paying the money back, their property is sold at auction to satisfy their debt. A regular auction could be anything and isn't necessarily to pay off debt, but usually to make a profit.
Can you take your refrigerator from your home that was sold at foreclosure auction?
Yes you, can. When a house gets foreclosed, it is based on the house itself, not its personal furniture and items.
What happens if your repossessed house is sold for less than what is owed?
You owe the difference I think.
Can they attach wages for balance of money owed after sold at auction?
Yes, and they often do.
If foreclosure homes are sold at auction how are realtors selling foreclosure homes - Do they purchase the homes themselves or are they attempting to sell before the auction - How does this work?
the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
Can a lienholder sell a car with out the owner signing the title?
Until you pay off the car the lien holder owns all rights to it. They can do what they wish with it if you fail to satisfy the agreement. It will typically be sold at auction and if sold for less than you owed they can come back at you for the difference.
You voluntarily surrendered your car it was sold at auction then you were notified it was still in your name and found abandoned in Texas do you have any rights to further money from sheriffs auction?
I assume that you owed money on the car, defaulted, and the car was repossessed by the lender. At the time of auction, the title should have been transferred. The title should have been transferred when the car was sold. The auction house didn't handle the paperwork properly and will have a real mess to straighten out. But that does not entitle you to profit from the sale.
How can a lawyer help you keep your house after sold at auction?
If your house is sold at auction, it is now the property of the buyer. You become like any other person who might want the house. A lawyer might be able to negotiate terms with the buyer, but it is more likely that your house is gone.
If your car is repossesed what happens?
they take the car and sell it at an auction then send you a bill for the difference between what they sold the car for and how much you still owed on it.
What is the name of an item sold at an auction?
Car Furniture Artwork House Jewelry
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
Once your vehicle goes to auction and it is sold for more then what is owed who gets the remaining money?
you do.AnswerDepends what state you are in, but where I am, it is called "surplus" funds and they are owed to the debtor. AnswerI think in biblical time that was referred to as a MIRACLE. Vehicles almost never sell for more than what was owed on the loan. Most end up with a deficiency that the debtor still owes. If your car sold at auction for more than you owed I would take the remaining money they owe you and get to Vegas quickly cause you are darn lucky...
During a foreclosure if your house is sold for less than you owe can the bank come after you for what is leftover?
Yes. And they normally do...because they owe it to others. You borrowed money from them and bought a house. You owe them the money. Not the house. You would have kept any amount you sold it for that was more than you paid...you would not have given them more. You would have paid them what you owed them only. They did not buy the house, alone or with you. You probably would have owed them less after all, had you sold the house on your own...because you will owe them all fee's and costs they have to incur to sell the house at foreclosure to recover funds you were to pay, and having to act to do so. You made a bad investment with money you borrowed. That's all.
What is the most a car has ever sold for at auction?
The highest price ever paid for a car at auction was $11 million paid for a 1931 Bugatti Type 41 Royale Sports Coupe sold by the auction house Christie's in 1987.
