0
There are several possibilities.
1) The lender may continue to pursue the borrower for the money after foreclosure.
2) The lender may just write off the loss.
3) depending on the mortgage insurance situation, the insurance company may contribute.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
What happens after a judgement of foreclosure on a mortgage?
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
What happens if someone pays their first mortgage but not their second?
The mortgage companies will end up fighting over the proceeds when your house is sold after foreclosure.
What is the difference between a foreclosure and a repossession?
They are virtually the same since you don't own that thing any more and they both badly affect your credit. The major difference is that with repossession your "thing/s" are taken away or repossessed by the original owner. With a house in foreclosure you have to leave/move away.
How does a foreclosure proceed?
The foreclosing mortgagee can and usually does bid at the foreclosure sale. If the foreclosing mortgagee is the high bidder, it essentially pays itself up to the amount of its debt by canceling the debt to the extent of its bid. The foreclosing mortgagee only has to come up with cash if it bids more than the amount of its debt.
Can the private mortgage insurer sue the homeowner for the deficiency it pays to the lender after a foreclosure?
Yes, the private mortgage insurer can sue the homeowner for the deficiency. They can get a judgment against the home owner for the difference.
What happens after a judgement of foreclosure on a mortgage?
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
What is the difference between preclosure and foreclosure?
Be aware that a pre-foreclosure property is not necessarily for sale. The pre-foreclosure stage is the period between the time in which a Notice of Default (in non-judicial foreclosure) or lis pendens (in judicial foreclosure) has been issued to the homeowner and after the property is sold at a foreclosure auction.
What is the difference between a tax foreclosure auction and a bank foreclosure auction?
One is done by the IRS, and the other is done by your bank.
What is the difference between a foreclosure and short sale?
A foreclosure is the surrender of the property to the lien holder for nonpayment of the debt. A short sale is the sale of the property before the completion of the foreclosure in an attempt by the home buyer and the lender to avoid foreclosure proceedings.
Who pays off your first lien mortgage holder when you are being foreclosed on by the homeowners association?
The process of distributing the funds received from a foreclosure should be part of the foreclosure documentation and process. You can find the answer you want in those instruments.
Who pays the child support lean on a house when it is foreclosed?
Liens are due when the property is sold, and are the responsibility of the seller(s). A foreclosure is not a sale.
What happens if someone pays their first mortgage but not their second?
The mortgage companies will end up fighting over the proceeds when your house is sold after foreclosure.
What is the difference between a principle and a precept?
A precept may express a principle.
If the bank owns your home due to foreclosure do you still have to mow grass?
No the bank pays the property tax and maintains the property. You are still responsible for the mortgage
Can you take the difference off taxes between what the IRS pays for gas mileage and what your company pays?
You can in the UK
What principle refers to the face that a person is prevented from consuming private goods unless he or she pays for them?
private goods
