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Depends on which state you live in what all the details would be. You can be sued for the remaining balance after the sale of the property. If you don't pay and if it is allowable in your state, they can garnish your wages and place liens on any property you may own that has any significant value. If you file for bankruptcy protection, you are protected by the bankruptcy laws.
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∙ 13y ago
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Can Back taxes loan companies take your home?
Yes they definitely can because if you don't pay your taxes your home will go for foreclosure
When your home goes through foreclosure do you still have to pay the loan off from the bank?
no...the note goes back with the bank...your credit is ruined for five years
What does foreclosure mean?
Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.Foreclosure means that you didn't keep your end of the bargain to pay back a loan and the loan holder is in the process of taking the car or house back.
You are a disabled widow your home is going in foreclosure can the bank make you pay back the loan on a fixed income?
Did this hypothetical widow borrow the money? If so, then yes.
What term is defined as a legal process in which mortgaged is sold to pay the loan of the defaulting borrower?
Foreclosure
Do you have to pay back the loan for repairs on a home?
What you do with a loan is irrelevant. You always have to pay it back.
What is it called when you don't pay back a loan?
Failing to pay back a loan is called defaulting on the loan.
Can you be forced to take out a loan?
If you are in need of money to help a finical situation you may be forced by debt collectors to create a loan to pay them off
Which term is defined as a legal process in which mortaged property is sold to pay the loan of the defaulting borrower?
foreclosure
Do you have to pay back an unsecured loan?
It is probably a good idea to pay back any loan. A loan, by definition, is something being furnished on condition of being returned. If you don't pay it back, it is not a loan. It is stealing.
How does real estate foreclosure work?
Generally and briefly: You transfer your ownership of your property to a lender in exchange for a loan of money. If you pay off the loan the lender will release its interest in the property. If you don't pay off the loan and stop making payments the lender can take possession of the property and sell it to a new owner in order to get back its initial investment.
What is the house foreclosure process?
Foreclosure is governed by state law, different states can observe different foreclosure procedures. In foreclosure, the lender, mortgagee, automatically becomes full owner of the property when a borrower, mortgagor, defaults. The borrower can still pay the full amount and get the house back during the redemption period. If the money is not paid back, you will lose the ownership of the house. Then the house will be sold at a public sale or auction to pay for the full loan amount, if the sale is less than the amount owed, you will owe the difference.
