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Foreclosure help

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mary1 Joined: 02 Dec 2009 Posts: 1 1.00 Dollars($)	Posted: Wed Dec 02, 2009 5:20 pm    Post subject: Foreclosure help Like 0 Dislike 0 My uncles house is under foreclosure and I was wondering, if the house sells for less than it is worth does he still have the pay the difference? And if he cant pay the difference, will they take money from his stocks and/or 401k? or will he have the pay the difference in payments or something? Thanks
smithsussane Joined: 18 Sep 2008 Posts: 10020 Location: Alaska 917.78 Dollars($)	Posted: Wed Dec 02, 2009 8:19 pm    Post subject: Like 0 Dislike 0 Hi persiangrl! Welcome to forums! After the foreclosure sale, the lender has the rights to sue the borrower for the deficient amount resulting from the sale. Your uncle will have to pay the deficient amount in case of a foreclosure. If he can't pay the dues, the lender will have the rights to garnish his savings account or place a lien on his other properties but he won't come after his retirement savings. Feel free to ask if you've further queries. Sussane

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