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When a house is auctioned do you owe the balance of the mortgage after it is sold?
Wiki User
∙ 16y ago
If the home was foreclosed on, you are still liable for the balance on the loan. Depending on the circumstances, some investors may not want to pursue it if the cost to collect exceeds the amount being collected.
Wiki User
∙ 16y ago
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How do you get a letter from your previous mortgage company stating you no longer hold responsibility of property due to foreclosure?
You should receive a letter from the mortgage company stating that mortgage lien is released when the house is sold or auctioned off. This does not mean that you no longer have an obligation unless the mortgage company sold the house for an amount that would cover your total balance including all collection costs and any other costs, like real estate taxes, utilities etc. that were incurred. If the mortgage company did not have a deficit balance left, you should have no trouble getting such a letter, but if there is a balance due, the letter may state something to the effect that the property has been sold but a deficit balance of a certain amount of money is due.
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 do you get out of a second mortgage when the house has been sold on a short sale?
How do you get out of a second mortgage when the house has been sold on a short sale?
How do you define reverse mortgage?
A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the homeowner dies. The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
How do you get a letter from your previous mortgage company stating you no longer hold responsibility of property due to foreclosure?
You should receive a letter from the mortgage company stating that mortgage lien is released when the house is sold or auctioned off. This does not mean that you no longer have an obligation unless the mortgage company sold the house for an amount that would cover your total balance including all collection costs and any other costs, like real estate taxes, utilities etc. that were incurred. If the mortgage company did not have a deficit balance left, you should have no trouble getting such a letter, but if there is a balance due, the letter may state something to the effect that the property has been sold but a deficit balance of a certain amount of money is due.
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 do you get out of a second mortgage when the house has been sold on a short sale?
How do you get out of a second mortgage when the house has been sold on a short sale?
Is the bank suppose to let you know it auctioned your car?
Whatever the bank sold the car for they deduct that from the balance owed, and you pay the difference
What do they do with them after they corral the wild horses?
The horses are either relocated, auctioned or sold off, or broken in and then auctioned or sold off.
How do you define reverse mortgage?
A reverse mortgage is defined as a type of mortgage in which the homeowner is allowed to borrow money against their house's value. The repayment is not required until the home is sold or the homeowner dies. The house is basically collateral, and has to be sold to pay the mortgage when the homeowner dies.
Name the place where slaves were sold and give its present name in the Bahamas?
Slaves were auctioned or sold at the Vendue House which is now known as the Pompey Museum of Slavery and Emancipation.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
How did Only Fools and Horses become rich?
A watch they had stored away was auctioned and was sold for £6,200,000 in Sotheby's auction house.
Who is responsible for a mortgage if the owner dies before its paid off and the house is left to her son in a will?
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.
If your car gets repossessed and you choose not to pay for it can they take your tax return?
If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.
Can a car really get repossessed then auctioned for one cent and the owner be charged the balance?
It must be sold in a "commercially reasonable manner" which does not seem to be the case here contact an attorney.
