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Guest

Okay say worst case scenario, house goes into forclosure and then is auctioned off. As the homeowner what am I financially responsible for if it sells for the mortgage amount?

Does a forclosesure show up on a credit report unders a different claim other than late payments?

livinginnky · Posted: Sat Oct 06, 2007 9:31 pm Post subject:

liaoyu03 · Joined: 09 Sep 2007 Posts: 166 4.48 Dollars($)

jenkin7 · Posted: Sun Oct 07, 2007 9:11 pm Post subject:

Hello,

If your house sells for the mortgage amount then the lender will get his loan paid off entirely and you shall no longer be responsible for any more payments.

Whatever unpaid amount remains at the time of foreclosure will appear in your credit report.

Guest

There is no responsibility on your behalf after the property is sold for the mortgage amount. And regarding credit report, the foreclosure will be shown under the late payment category only.

smaildaytoday · Joined: 15 Oct 2007 Posts: 52 0.00 Dollars($)

You will be responsible for the entire mortgage plus lawyer fees, and interest. and yes the property will go on your credit as a foreclosure and will stay there
for ten years. I will also negatively affect your credit rating as well...and you won't be able to buy another home for up 2 7 years.

Guest

If the lender actually takes the house back, they can no longer go after you for any difference. When they wrote the loan, the lender most likely chose to foreclosure by advertisement which means they dont suit you but publicly notify you that they are taking your house first publically at 6 week mark before the sheriff sale date and then a notice on your door 4 weeks before the auction date. if you are in a redemption state, you will still have months to redeem yourself. If that is the case the loan can not be caught up but must be paid in full. As long as they chose to foreclose by advertisement then, when they take the house back, that was their only form of recourse, which means you owe them $0. It will surely mess up your credit.

if they chose to foreclose by legal measures then you will be held liable for the amount the lender lost.

FYI 90% of the mortgages are by public advertisement. The first question these people should have asked you was what state are you in because each state has different foreclosure laws. Find out if you are in a redemption state and that will give you a better idea how much time you have. Good luck!

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Forclosure and amount owed