You may still owe money after a foreclosure or short sale

You may still owe money after a foreclosure or short sale

If you still owe money on your loan after either a short sale or a foreclosure, whether you still owe the lender that money will depend on where you live. Also, this is the type of deficiency that can be discharged in a bankruptcy if you choose not to keep your house.

In a short sale, you sell your home for less than you owe to avoid foreclosure, albeit under the supervision of the lender. While not the law, buyers may expect you, the home seller, to keep utilities in service during the marketing and sale process. If you can’t afford it, or move out before the short sale closes, you may shut off the utilities.

Home Buyers: Make Note of These 3 Dealbreakers Mortgage Masters Group laser surgery news: mar 31, 2007 Archive The research group has been studying the galanin molecule for more than two decades, originally its role in cardiovascular regulation. In 2007, they began studying its role in neuropsychiatric.Find out what will happen to your home loan if you die. difference between what the house sells for and what is owed. Enter into your mortgage with your eyes wide open. Make sure you fully.

However since a short sale is a negotiated agreement it is very important that the negotiations include a release of liability from the loan. If that is not included then you still owe and the bank has the right to attempt to collect the shortfall even if they have agreed to the short sale.

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You should expect to get served with a foreclosure lawsuit four months or so after. Q: When a short sale or foreclosure is sold, what happens with the remaining balance? – Kristie A: In Florida,

2017-06-28  · When a lender notifies you that it’s going to foreclose, you may still be able to negotiate a short sale.

If you are facing foreclosure and can no longer afford your home, you may qualify for. If your mortgage company agrees to a short sale, you can sell your home and. you still owe on your mortgage; You can no longer afford your home and are ready. If you need further assistance (before or after contacting your mortgage.

A short sale is an alternative to foreclosure and may be an option if: You are ineligible to refinance or modify your mortgage; You are facing a long-term hardship; You are behind on your mortgage payments; You owe more on your home than it’s worth; You have not been able to sell your home at a price that covers what you still owe on your.

If more than 30 days have expired after the sale of the home, the application would be thrown out by the court. The trouble is, banks may hold on to the home for months or years after a foreclosure ..

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