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I have been told that if the bank forecloses on the property that I still may owe the difference of my loan and the amount the property is sold for by the bank. Is this true? Is there anything else I could owe for? I currently have a lein from an A/C company. What will happen with that?

banker0679 · Posted: Tue Jun 03, 2008 4:54 pm Post subject:

depends on the state you live in.
you will need to check to see if you live in a deficiency judgement state.

Liens usually follow you, and the laws vary per state.
In some states they can garnish your wages.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi.

I agree with Banker that if you stay in a deficiency judgment state then the lender can come after you for the deficiency judgment.

You are still responsible for lien from the A/C Company and needs to pay it. Otherwise it will have a negative affect on your credit report.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest

i live in california my house in under forecloser will i be left owing the differnce when they sell the house

jerry · Posted: Wed Oct 15, 2008 2:58 am Post subject:

Hi anna!

I don't think the lender will pay you the difference taking place from the sale. Moreover as the market conditions are down so the properties generally sell at a lower price.

Thanks,

Jerry

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