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 savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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 Posted: Fri Aug 07, 2009 6:28 am Post subject: |
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Hi Kathy,
It's up to the lender whether they'll forgive the deficiency from the deed in lieu. In most cases, they forgive the difference. In case, they don't forgive the deficiency, your daughter and son in law will be responsible for it. The lender can sue them for non-payment or can garnish their wages. I think they should talk with the lender regarding this and check if they intend to sue for the deficiency. |
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DORIS
Guest
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| Posted: Mon Oct 19, 2009 12:48 pm Post subject: FORECLOSE |
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| DO I HAVE TO PAY ANY BALANCE IF I CHOOSE TO FORECLOSE AND IF SO DOES IT HAVE TO BE PAID OFF IN ONE LUMP SUM? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3430
Location: Hawaii
514.35 Dollars($)
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| Posted: Tue Oct 20, 2009 10:04 pm Post subject: |
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Hi DORIS,
If your property is foreclosed on and the sale price does not cover the outstanding loan amount, you will be liable to pay off the deficiency. The lender can come after you for it, if you do not pay it off. They can sue you for non-payment. You do not have to pay it in a lump sum. If you want, you can talk with your lender and set up repayment plan to pay off the deficiency within a certain amount of time. |
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