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Yes and no. Yes in that you do no longer have your home and the back takes your home but you are still obligated to pay the debt you agreed to when you got your mortgage unless you file for bankruptcy. This will essentially cripple your credit for the next 7 years and keep you from having pretty much any type of loan. Foreclosure is a serious matter and I would consult with a bankruptcy lawyer prior to making any move.
What else can I help you with?
Can you sell your house while in foreclosure?
You can sell your house while it is in foreclosure. If the price is less than you owe the bank, the bank has to agree to the selling price first.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
What does foreclosure of a house mean?
Foreclosure on a house means that the previous owners did not have enough money to pay for their mortgage and therefore could not afford to maintain it properly, so the bank takes ownership of it.
What if sale of a house after a foreclosure doesn't cover the mortgage amount?
Then you still owe money to the bank.
What is the catch to buy a bank foreclosure house?
There are so many catches to buying a bank foreclosure house.The bank sets the price which may not be fair. If there are other people bidding on this property sometime you will have to wait months to hear if you were the highest bidder.
Can you sell your house while in foreclosure?
You can sell your house while it is in foreclosure. If the price is less than you owe the bank, the bank has to agree to the selling price first.
How do you know when your house is in foreclosure?
You will be informed by the mortgage company or bank.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
If your house was included in your bankruptcy can they also mark a foreclosure on your credit it you let the house go?
Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.
What does foreclosure of a house mean?
Foreclosure on a house means that the previous owners did not have enough money to pay for their mortgage and therefore could not afford to maintain it properly, so the bank takes ownership of it.
Will the bank sue you if you foreclose on your home loan?
Yes, the bank will sue you if you default on your home loan and place your house in foreclosure.
What steps can I take to stop a foreclosure on my house?
The first step is to contact your bank or mortgage company. Many banks will work with customers to avoid foreclosure.
What is a bank foreclosure?
It when your mortgage to the bank has been defaulted on and they decide to take back your home to compensate for their lost money.
What if sale of a house after a foreclosure doesn't cover the mortgage amount?
Then you still owe money to the bank.
What is the catch to buy a bank foreclosure house?
There are so many catches to buying a bank foreclosure house.The bank sets the price which may not be fair. If there are other people bidding on this property sometime you will have to wait months to hear if you were the highest bidder.
When a bank seizes and sells a home to get as much of its loan back as possible?
That is known as foreclosure.
Who owns the house when a foreclosure has been dismissed without prejudice?
The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.
