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Forecloser

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Whatthe? Guest 0.10 Dollars($)	Posted: Tue Jun 03, 2008 2:44 pm    Post subject: Forecloser I have been told that if the bank forecloses on the property that I still may owe the difference of my loan and the amount the property is sold for by the bank. Is this true? Is there anything else I could owe for? I currently have a lein from an A/C company. What will happen with that? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
banker0679 Community Experts Joined: 15 Nov 2007 Posts: 297 Location: Charlotte, North Carolina 19.70 Dollars($)	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. _________________ Current Mortgage Rates FHA Mortgage Loans Home Mortgages in North Carolina
larry Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)	Posted: Wed Jun 04, 2008 3:03 am    Post subject: 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

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