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What else can I help you with?
What is the best way to hide liquid assets before foreclosure and is there a time period before lquidating?
There is not a need to hide assets before a foreclosure. You will owe the difference between what the house is sold for and what you owe on it, but you will have time to pay this.
Can you sell your house while in foreclosure?
You can sell your house while it is in foreclosure. If the price is less than you owe the bank, the bank has to agree to the selling price first.
What if sale of a house after a foreclosure doesn't cover the mortgage amount?
Then you still owe money to the bank.
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.
How bad is a foreclosure on your credit and if you go into foreclosure do you still have to pay the 70000 you owe to the lender?
Foreclosure is very bad on your credit report. You should do what you can to avoid it. If the bank forecloses you do not pay back the $70,000. However, if they sell the house for less than owed you may be liable for the difference, unless you have mortgage insurance. You should note that any amount they forgive counts as income to you--you will owe taxes on that amount. Actually both are wrong. The credit score will drop anywhere from 50-200 pts depending on how much other debt you have. Additionally, each state has its own laws regarding paying back the difference. In Texas, you are responsible for the difference between what you owe and the fair market value. So if you owe 200K, the home is valued at 200K, and the bank sells for 190K, you do not owe anything. In some states, you might owe the 10K, but not all.
After foreclosure can the bank garnishee your wages for the difference of what you owe and what the house sells for?
If they can get the court to allow this. Consult with an Attorney.
How can you use the word owe in a sentence?
You don't owe me anything for this answer.
Can the bank come after me for money after a foreclosure?
Yes. If, the amount they auction the property for is less than what you owe they will come after you for the difference.
Can banks attach savings when in house foreclosure?
If you have accounts in the bank that holds your mortgage, the bank can take the money in your accounts to set off what you owe in the foreclosure. You should never have bank accounts in the bank that you owe money to. If the bank requires an account, just open an account and put in the amount needed to direct-pay the bank.
A liability is anything you owe?
false
Can you be sued for a foreclosure deficit?
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
What happens to a tax lien on a property lost in foreclosure?
Tax liens are not wiped out by a foreclosure. They must be paid in order to clear the title to the property so that it can be sold. If the lender has to pay them it will add that amount to the amount you owe.
