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When your home goes through foreclosure do you still have to pay the loan off from the bank?
Wiki User
∙ 13y ago
no...the note goes back with the bank...your credit is ruined for five years
Wiki User
∙ 13y ago
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If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
If your condo goes into foreclosure do you still owe the condo fees?
Yes, until the bank is the owner. The fact you're in foreclosure doesn't change the fact utilities need to be paid as well as your staff. It's not only the bank that can put you into foreclosure; even your HOA/condo association can force the sale of your home due to delinquency.
Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
What happens if your house is in trust and goes to foreclosure?
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
How long is a property on short sale before it goes into foreclosure?
If you stop paying you mortage how long does it take before the bank will forclose
If our house goes into foreclosure can the banks still get their money from you ?
foreclosure is a conditon where a lender (the bank) acquires title to and uses the value of the property to offset the outstanding balance of the loan. If your property goes into foreclosure you will LOSE ownership of that property but will also no longer owe the unpaid balance of the loan. This is called 'defaulting' on your loan.
If your condo goes into foreclosure do you still owe the condo fees?
Yes, until the bank is the owner. The fact you're in foreclosure doesn't change the fact utilities need to be paid as well as your staff. It's not only the bank that can put you into foreclosure; even your HOA/condo association can force the sale of your home due to delinquency.
Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?
Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.
WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
Can a room be rented in a house that is being foreclosed on?
Yes. The home still belongs to the owner until the foreclosure goes through and it is sold to someone else at a foreclosure sale. Of course the renter takes a risk on what might happen if a new owner takes over.
What happens if your house is in trust and goes to foreclosure?
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
How long is a property on short sale before it goes into foreclosure?
If you stop paying you mortage how long does it take before the bank will forclose
What are my rights as a secondary heir in my father's estate if his real estate goes into foreclosure?
The banks claim is superior to yours because your father conveyed the property to the bank when he granted the mortgage. You would be entitled to any surplus after the bank deducts its debt, costs and expenses of foreclosure.
Once your home goes to foreclosure is the home owner responsible for any taxes?
Answerregardless the house goes into foreclosure, you are still responsible for any unpaid taxes and you are also responsible for any liens.Once the foreclosure sale has taken place you are no longer responsible for the taxes. In most if not all jurisdictions the property taxes run with the land.
What is the difference between a sheriff sale and a foreclosure?
Generally the term foreclosure is used at the start of the process. The foreclosure occurs when a person who does not make payments is kicked out of the house. Then the property is fore closed. In some places the bank can sell foreclosed properties. In other places, it goes on the block for a sheriff's sale.
Do you still have to pay the loan after foreclosure?
When a house or car goes through foreclosure it is normally sold at an auction. Let's say that you owed $40,000 on your house when it went through foreclosure. It sold at auction for $30,000. You then would still owe the bank $10,000 plus some fees they will certainly tack on. If you can't pay then they may turn it over to a collection agency. Those folks may say "Hey if you pay us $5,000 we'll be square". So you pay them. Next thing you know, the IRS is on you because the remaining $5,000 is now income to YOU and you will be taxed on it. Bottom line? Yes you are still responsible for the remaining balance after the property is sold to its new owner. Cars, homes....same thing. Bankruptcy would be easier. That way you are absolved of any debts. Since you are in foreclosure your credit is in the crapper anyway.
If a bank goes under do you still owe on your loan?
Yes.
