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This depends on state law. Some states allow the lender to sue the homeowners after the foreclosure auction, if the proceeds of the sale are not sufficient enough to pay off the total owed on the loan.
In reality, though, homeowners are rarely sued by the bank after the sheriff sale. The lender does not want to continue spending money and resources to pursue another lawsuit that they will not be able to collect on.
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∙ 16y ago
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What does the term foreclosure mean?
The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.
What is the best way to hide liquid assets before foreclosure and is there a time period before lquidating?
There is not a need to hide assets before a foreclosure. You will owe the difference between what the house is sold for and what you owe on it, but you will have time to pay this.
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
Can a bank take your money from bank after foreclosure?
no
Can you take your stove if your home is in foreclosure?
Yes.
What does the term foreclosure mean?
The term foreclosure means that when a loan is not paid on time, the lender has the authority to take action on the collateral assets the borrower listed to secure the loan.
Are assets in a 401k in Florida protected from a foreclosure sale?
Yes
If a house is in a trust and the person that owns the trust dies and that house goes into foreclosure and there is no assets in the trust prior to foreclosure can they come after anything else?
The bank will take possession of the property. If the mortgage was granted prior to the property being transferred to the trust the bank may try to attach assets of the mortgagor/decedent for any deficiency. If granted by the trustee only the trust assets are vulnerable.
What is the best way to hide liquid assets before foreclosure and is there a time period before lquidating?
There is not a need to hide assets before a foreclosure. You will owe the difference between what the house is sold for and what you owe on it, but you will have time to pay this.
Can money market be seized in foreclosure?
Not in the forclosure, but if the foreclosure doesn't pay off the entire accumulated debt, then they can go after other assets, like the money market.
Is a junior valid after foreclosure?
A junior lien is no longer valid as against the property after a foreclosure. However, the creditor can still go after the debtor and any other assets they may have to try to get the debt paid.
What will happen if you stop making your mortgage payments?
The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.The lender will take possession of your property by foreclosure and sell it to a new owner.
Is my 401k and IRA protected from foreclosure?
If by "foreclosure" you mean that the mortgage lender is taking your home back, yes they are prtected. However, if you really mean BANKRUPTCY, no, they are NOT protected, since they are assets you can use to reimburse your creditors.
If one co-mortgagor dies does the other have to pay the mortgage?
Yes. The mortgage must be paid or the lender will take possession by foreclosure unless the decedent had assets that will pay off the mortgage or some form of mortgage insurance.
Can a bank take your money from bank after foreclosure?
no
Can you take your stove if your home is in foreclosure?
Yes.
Can you sell your house during foreclosure?
Yes. The new owner would take subject to the foreclosure as well as yourself.
