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During a foreclosure if your house is sold for less than you owe can the bank come after you for what is leftover?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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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.
How do you know when your house is in foreclosure?
You will be informed by the mortgage company or bank.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
If your house was included in your bankruptcy can they also mark a foreclosure on your credit it you let the house go?
Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.
What does foreclosure of a house mean?
Foreclosure on a house means that the previous owners did not have enough money to pay for their mortgage and therefore could not afford to maintain it properly, so the bank takes ownership of it.
Will the bank sue you if you foreclose on your home loan?
Yes, the bank will sue you if you default on your home loan and place your house in foreclosure.
What steps can I take to stop a foreclosure on my house?
The first step is to contact your bank or mortgage company. Many banks will work with customers to avoid foreclosure.
What if sale of a house after a foreclosure doesn't cover the mortgage amount?
Then you still owe money to the bank.
What is the catch to buy a bank foreclosure house?
There are so many catches to buying a bank foreclosure house.The bank sets the price which may not be fair. If there are other people bidding on this property sometime you will have to wait months to hear if you were the highest bidder.
What happens during a foreclosure?
After a default by the borrower the bank takes possession of the property and sells it.
Who owns the house when a foreclosure has been dismissed without prejudice?
The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.
If you are not able to make your house payment do you have to file bankruptcy or will the bank foreclose on the house and not garnish your income?
Bankruptcy only temporarily prevents foreclosure action. A house is considered secure property so it is up to the lender as to what action will be taken, foreclosure or reaffirmation of the loan. The bank would pursue foreclosure and not wage garnishment. If you're in a house you can't afford any longer, sell it. Too many homeowners wait too long. Don't wait for the bank to foreclose.
