You may still owe money after a foreclosure or short sale

The lender might still be able to come after you for the deficit between what you owe and what the house sold for. Foreclosure Sale When a home is sold as a foreclosure, the bank rarely gets enough out of the sale to pay off your mortgage.

Do You Still Owe Money After Foreclosure? 18 Friday Oct 2019. Posted by Rita Yazzie in Uncategorized Leave a comment. Over the years, the most certain question, based on the course of action as it relates to foreclosure is:. The house owner(s), while they are not savvy to the short sale.

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The lender may foreclose. closing, you will still owe that amount, even though the property is released from the mortgage. Q: In regard to a foreclosure or short sale of your home in Florida, what.

Knowing whether your money is safe after foreclosure.. before foreclosure. Even look into a short sale if the property value is less than what you owe. While your credit score could still take.

Borrowers who still owe money to their lenders after their homes are foreclosed and sold owe a "deficiency." The deficiency is the difference between the borrower’s debt to the lender and.

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Will I Owe Money After Foreclosure? If you are facing foreclosure, you have options. Do you want to fight the foreclosure? Avoid a possible foreclosure altogether? Do you want to walk away from the property? Or sell the property or list it for short sale? In addition to these questions, you should also ask yourself: Will I Owe Money After.

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If you are facing foreclosure, or have lost your home through foreclosure, you might still owe your mortgage lender money after the sale. This happens if the foreclosure sale price is less than the amount remaining on your mortgage – it’s called a "deficiency."

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If you are facing foreclosure, or have lost your home through foreclosure, you might still owe your mortgage lender money after the sale. This happens if the foreclosure sale price is less than the amount remaining on your mortgage – it’s called a "deficiency."