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Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.

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โˆ™ 2014-09-24 23:19:51
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Q: Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?
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Related questions

Does home foreclosure effect your ability to get a federal stafford loan?

No, it does not

Does home foreclosure effect ability to get student loan?

In the US, no your eligibility for student loans is not dependant on credit or income.

Can you do a voluntary foreclosure and can the bank come after you for any other fees or hidden costs or can the bank attach a lien to any other property such as vehicles or an existing paid for home?

Yes, you can submit to the lender a document called a deed of foreclosure. no

Can you rent out your home while home is in foreclosure?

Yes you can, but in most states you have to tell the potential tenant about this foreclosure.

Can a second mortgage put your home in foreclosure?

Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.

In California what is the time limit for moving out of a foreclosure?

what is the time for foreclosure on a home in california?

If your renting a home in foreclosure when do you stop paying rent?

Not until there is a foreclosure sale.

Do you have to pay something in a home foreclosure?


Can you rebuy your foreclosure home?

If you have the cash.

Can you get approved for a home after foreclosure?

You are typically off the market for about 3-4 years after a foreclosure.

What is a pre foreclosure home?

A pre-foreclosure home is a home in which the owner is in immediate danger of losing their home, possibly due to unpaid loans or mortgages, but has not lost it yet.

What type of home loans are available for construction or renovations?

Construction loans are available for those looking to build a new home on their existing lot, or for financing a land/home package. The best option for a renovation is a cash out refinance. One can use the equity in their home to fund the renovation project.

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