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When a house or car goes through foreclosure it is normally sold at an auction. Let's say that you owed $40,000 on your house when it went through foreclosure. It sold at auction for $30,000. You then would still owe the bank $10,000 plus some fees they will certainly tack on. If you can't pay then they may turn it over to a collection agency. Those folks may say "Hey if you pay us $5,000 we'll be square". So you pay them. Next thing you know, the IRS is on you because the remaining $5,000 is now income to YOU and you will be taxed on it. Bottom line? Yes you are still responsible for the remaining balance after the property is sold to its new owner. Cars, homes....same thing. Bankruptcy would be easier. That way you are absolved of any debts. Since you are in foreclosure your credit is in the crapper anyway.
What else can I help you with?
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 term is defined as a legal process in which mortgaged is sold to pay the loan of the defaulting borrower?
Foreclosure
Which term is defined as a legal process in which mortaged property is sold to pay the loan of the defaulting borrower?
foreclosure
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
Do you still pay utilities when your home is in foreclosure?
Only if you still want utility services.
Is tax on continuing a second mortgage deductible after filing for a first foreclosure?
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
Who do you contact when scammed on loan?
Personal loan for foreclosure
What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
Can you save your house after foreclosure notification?
Probably not. Once the loan is out of compliance, you would need to either refinance it or just pay it off.
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
Should you continue to pay rent if homeoner is in foreclosure?
If the landlord still has control over the property he can still collect rent-- and evict you if you don't pay.
