Posted on: 03rd Jun, 2008 02:44 pm
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?
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.
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.
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
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
i live in california my house in under forecloser will i be left owing the differnce when they sell the house
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
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