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What happens after the foreclosure auction who has to pay the difference between the amount sold at the auction and the difference of the loan?
Wiki User
∙ 16y ago
the lender can seek a deficiency judgment against the homeowner in court
Wiki User
∙ 16y ago
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What happens to homes in foreclosure?
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
What happens if your home does not sale at the foreclosure auction?
at the auction sale of my home the sale was stopped. i did not file bankruptcy. i have two mortgages own by investors need to make a decision to or to move?
If your car is repossesed what happens?
they take the car and sell it at an auction then send you a bill for the difference between what they sold the car for and how much you still owed on it.
What happens to the first mortgage if the second mortgage is in foreclosure?
nothing...it remains a lien on the property and a debt which is assumed by the successful bidder at the auction of the 2nd mortgage
What happens if the home fails to sell at the foreclosure auction?
by definition, a foreclosed property has to have someone file the foreclosure usually due to them being owed money and the property is security on the property. This is not cheap or free. Hence, there is always a "buyer" out there which is often the lender.
What happens if a homeowner does not make payments on their mortgage?
The bank will start foreclosure proceedings. They will file a complaint against you in court and seek judgment. The house can then be sold in a sale or auction.
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
What happens when your return a car to finance company?
It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
What is the difference between a foreclosed property and a bank-owned property?
The two terms are used loosely by many people so they can have an overlap in their meaning. Foreclosure is a process. When someone says a property has been foreclosed upon they are mostly talking in the past tense. A foreclosure that runs its full course will end with an auction. If the foreclosure stops prior it is normally because the default has been settled through some other means. Normally a default that has been cured is from the loan being settled (in full or for an agreed short sale amount). When a foreclosure happens the final step is an auction where the lender enters the opening bid. If there is another bidder that offers more they win the auction and become the owner. In that case the property was foreclosed upon and the owner is the party that won the auction. For most practical purposes there is nothing special in that the property has a new owner and there is nothing odd to be concerned about. When the auction fails to identify a bidder who will pay more than the lender's opening bid the lender becomes the owner. Assuming a bank and not a private lender, the property is classified as Other Real Estate Owned (OREO). Most people shorten the term to REO. Regulated banks in the US are required by law to dispose of property that is OREO. It is surplus to requirements and banks cannot hold RE for investment purposes.
What is it called when there is a difference between what one expects to happen and what actually happens?
The difference between what one expects to happen and what actually happens is simple. It is most often called reality.
