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Yes you can be sued for the difference or the lender can issue you a 1099 for the amount still owed then you will owe taxes on the difference
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∙ 15y ago
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Does private mortgage insurance protect you from being sued over foreclosure of your house?
No.No.No.No.
Why am I being sued after foreclosure?
If it sold for less than you owe on the mortgage and costs associated with the foreclosure, you can be held responsible in some states for the balance. You might consider seeking advice from an attorney who works with homeowners who face foreclosure.
If the borrower doesn't make any payments will the bank sue or go after cosigners first to get payment or will they foreclose?
Notices of default will be sent to the borrower and co-signers, then notices of final opportunity to pay, then notices of foreclosure. Once the property is foreclosed and auctioned, the borrower and co-signer may be sued to cover any remaining deficit on the loan.
Can you be sued by a finance company once you have defaulted on a car loan?
Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.
What is a foreclosure dismissal?
Foreclosure dismissal is a simple foreclosure challenge that can be filed to the foreclosure complaint even without an attorney.Added: A foreclosure dismissal is a court order dismissing a foreclosure action.
In a foreclosure can a lender sue you for heloc?
If homeowners owe money on their HELOC (Home Equity Line of Credit), and are not paying the loan back, they can be sued for foreclosure. The HELOC is secured by the real estate, and the mortgage company has a lien on the home. When the borrowers signed for the line of credit, they agreed that the bank could foreclose on their house if they fell behind on the payments.
I had a fight in self-defence and if I'm sued can i lose my home even if i have insurance?
You do not give your state of residence - in some states your primary residence is immune from siezure via legal action (other than foreclosure, that is).
What is foreclosure help?
Foreclosure help is advice and help you can get from an organization or service that will help you through a foreclosure or help you stop a foreclosure. Foreclosure Help and Hope is an organization that can help.
Can a lien lead to foreclosure?
Check this post, it talks about liens and foreclosure. http://www.foreclosedpropertiesdata.com/blog/foreclosure-help/how-liens-can-lead-to-foreclosure/
What is the best recommended foreclosure website?
There are agencies who can help you to stop foreclosure. I have saved my house from foreclosure and if you have a foreclosure property then those agencies will buy it at a great price. For foreclosure guide you can visit myprgenie.com you will get stop foreclosure guide by 2brothers real estate
What are the rights of a person whose house has been repossessed?
Once your property has been taken by a foreclosure procedure you have no rights in the property. An exception would arise if the foreclosure procedure or the mortgage was found to be invalid. Those factors may become more an issue as the sub-prime mortgage crises evolves and lenders are sued for deceptive, fraudulent and outright illegal lending practices.
How do you calculate nominal deficit?
nominal deficit is the deficit determined by looking at the difference between expenditures and receipts.real deficit: nominal deficit - (inflation x total debt)
