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This depends on what state the property is located in. Generally, after the loans and all other costs associated with liquidating the property are paid for by the home auction, if there is any money left, it does go to the owner. But you need to check the laws for your specific state.
What else can I help you with?
What happens if your repossession house is sold for more than you owe?
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.
What happens if your repossessed house is sold for less than what is owed?
You owe the difference I think.
Can you get a car back after it has been repossessed and sold?
The only way to get it back would be if it were up for sale and you bought it. Once it's legally sold, it becomes the property of the new buyer.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
When do you pay capital gain tax on house you sold?
In Canada you pay the capital gains only on investment properties that are sold and it's paid with your income taxes (so you may have a income tax balance due when you file your taxes, for the year the property was sold).
What happens if your repossession house is sold for more than you owe?
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.
What happens if your repossessed house is sold for less than what is owed?
You owe the difference I think.
Can you get a car back after it has been repossessed and sold?
The only way to get it back would be if it were up for sale and you bought it. Once it's legally sold, it becomes the property of the new buyer.
How do you get a repossed vehicle back?
If your car is repossessed and you want to get it back, you can contact the finance company and clear any outstanding payments. They may agree to return your vehicle to you if they have not already sold it but be warned that lenders try and sell repossessed vehicles as quickly as possible to try and recoup funds. The finance companies often sell the repossessed vehicles at a car auction. Here they can be sold "as seen" and at a lower price than market value, thus they can be sold quickly. It is often possible to find out which auction your car is being sold at and you can get your repossessed vehicle back yourself by attending the car auction and bidding.
Does a repossessed car have to be sold at a public auction?
NO. It can be sold any way the bank wants it to be sold
Your husband had a car repossessed back in 1999 and yesterday you were sent a notice that the company had placed a lien against your house and now you owe them almost 16000 - what can he do?
Pay them off. The interest keeps adding up until it is paid. It wil be paid when the house is sold before you see the money.
Are repossessed vehicles sold at an auto auction?
Yes some repossessed vechicles are sold in auctions. There are some that the banks own, but they try to recover their moneys lost as soon as possible.
How do you find out what price your repossessed car was sold for?
ASK the lender.
What can you do if your car was repossessed but was not changed out of your name?
There is nothing you can do till the car is sold.
What happens to title loan cars when they are repossessed?
They are sent to an auction and sold.
Can you get sued for the balance of your car loan after the car is repossessed and sold?
Yes.
When do you pay capital gain tax on house you sold?
In Canada you pay the capital gains only on investment properties that are sold and it's paid with your income taxes (so you may have a income tax balance due when you file your taxes, for the year the property was sold).
