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What happens if your repossession house is sold for more than you owe?
Wiki User
∙ 14y ago
If your house is repossessed and is sold for more than you owe, you are supposed to get the extra, less the costs of the sale and perhaps also costs that the back incurred.
Wiki User
∙ 14y ago
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What happens if your repossessed house is sold for less than what is owed?
You owe the difference I think.
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 happens to the all the money collected on a house if sold in a foreclosure sale?
The mortgage company gets the money.
How do you find out to whom a house was sold?
how can i find out to whom a house was sold
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.
If you owe more than the car is worth what happens if it gets repossessed?
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
What happens to a vehicle if the financial company says they don't want it and they sue the owner for remaining balance after repossession and sale?
If the finance company has sold it, you have you answer. How can you be so stupid?
If a car is sold after repossession does law state that it must be reported to the bureau as zero balance?
If a car is sold after repossession does the law states that it must be reported to the credit bureau as zero balance?
What happens if your repossessed house is sold for less than what is owed?
You owe the difference I think.
Do you have to payoff a car repossession?
Yes, you owe the difference of the amount of the loan and what the vehicle was sold for plus any costs of the repossession. You are expected to pay that amount.
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.
If you have a voluntary repossession can they take your home?
NO, they can attach a lien to be paid FIRST if/when the home is sold.
What happens to the all the money collected on a house if sold in a foreclosure sale?
The mortgage company gets the money.
What is your obligation if you take the car back to the bank before they come to get it?
When the car gets back to the bank, its sold and the debtor owes the difference between what it sold for and the outstanding balance on the loan. IF it sells for more than is owed, debtor has to pick up the check for the surplus. There are no differences between a voluntary repossession/relinquishment of vehicle by the borrower and the forced repossession/recovery by the lender, except for some of the repossession costs such as towing. FYI, a bank will not allow you to return the vehicle in the sense that you can "drop it off" somewhere.
How do you find out to whom a house was sold?
how can i find out to whom a house was sold
What happens when the joint owner sends someone to repossess your car?
The car is secured by the repossession agent, taken to a storage lot, and transported to an auction where it will be sold. Sometimes, in such cases, the party that give the location of the vehicle is paid a small finders fee.
In Georgia can a repossession vehicle be sold at any price regardless of book value?
Yes. Whatever it gets at auction.
