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What happens if your repossessed house is sold for less than what is owed?
Wiki User
∙ 18y ago
You owe the difference I think.
Wiki User
∙ 18y ago
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If your house is repossessed and it sells for less than what is owed are you responsible for the balance?
Usually, yes. The same follows with cars.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
What happens if my car is repossessed and then I file bankruptcy?
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
What are the best ways to rebuild your credit after your car was repossessed?
Paying off what still owed on the loan is a GREAT start.
If your house is repossessed and it sells for less than what is owed are you responsible for the balance?
Usually, yes. The same follows with cars.
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
What happens if your repossessed car is sold for more than you owed?
Randy, IF it sells for more than the unpaid balance, you should receive the excess.
Is it legal for the car to be repossessed and still require payments to be made?
Generally, if the car was sold for less than the amount owed on the loan the lender may demand that you pay the remaining balance owed.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
How much does a repossessed vehicle sale at action?
Truthfully a repossessed vehicle sells for what the bank is trying to get out of it and that is usually what is owed on the original loan and sometimes they will accept less for a number of reasons just to get rid of it and that would be damage to the vehicle, age and mileage.
What happens to a person if they hide motorcycle that is being repossessed?
Nothing will happen to a person if they hid a motorcycle that is being repossessed. Eventually, the company that is trying to repossess will either give up or find you. They will use all tools at their disposal depending how much is owed at the time.
Can you still owe money after your motorhome is repossessed?
Absolutely. When an item is repossessed, it's typically auctioned off. The person who the property was repossessed from is still responsible for the difference between what the final auction price was and what the amount owed at the time of repossession was. Additionally, repossession, storage, and transportation costs will be added to the amount owed.
Is money still owed if leased car is repossessed?
Yes, and potentially more than was owed before the repossession due to accrued fees.
Do you have to pay the whole vehicle off if it is repossessed?
Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.
Can you be sued if you let your mobile home be repossessed?
You can be sued by the finance company to recover any money still owed to them after they auction the repossessed mobile home.
When a car is repossessed does the finance company have to sell it for the amount it is worth?
no, they will sue you for the balance owed after the sale
