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i live in michigan what happens when the bank forecloses on my house and sells it for less than i owe

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

Hi Guest.

Welcome to the forum.

If the bank forecloses and the house is sold in less than what you owe to the bank then they may come after you for the deficiency judgment or place lien on your other properties.

BTW is foreclosure already occurred? If not they why don’t you ask the bank to accept deed in lieu of foreclosure? If he accepts DIL then he will not come after you for the deficiency judgment.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest

what happens when a bank forecloses on your home and your loan is less that the value of the home

helping_user

Welcome Dennis.

If your loan balance is less than the value of your home, then the lender should offer you the extra cash because you're not obligated to pay any additional amount other than what you owe.

Thanks.

vegas_storms · Joined: 12 Sep 2008 Posts: 67 3.54 Dollars($)

It's not always as easy as the lender finding you so he can give you money back. It's up to you to keep track of the process and figure out whether you have any thing coming back.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

dennis,

If you owe less than what it is worth, I would suggest selling the home yourself so that you pocket the difference. If the bank forecloses you will not get any cash out of it.

Guest

my husband has been out of work for almost a year and we barely able to pay mtg pymts what if we foreclose what happens

gmakerley · Posted: Mon Nov 10, 2008 2:11 pm Post subject:

thank you lisa for a sense of reality on the discussion.

lisa is totally correct - if a property is foreclosed, it becomes the property of the lending institution. if it is then sold for more than the balance on the loan happened to be, then the lender makes a few dollars.

again, if you owe less than the value of the home, why not sell it yourself?

Guest

If a property in USA is foreclosed on but I am UK resident can USA take UK property for any monies owed after the USA foreclosure?

adonis · Posted: Thu Feb 12, 2009 11:26 pm Post subject:

Hey Michelle,

As far as I know, your property in UK will not affected for the foreclosure on your USA property.

Guest

I had a condo foreclose in 2008. How do I report that on my IRS taxes. I'm in California

smithsussane · Posted: Tue Mar 03, 2009 8:38 pm Post subject:

Hi Sharon!

Welcome to forums!

Did the lender forgive the deficient amount from the sale of the property? If the lender has forgiven the amount, then he will send you a 1099-c form. You will have to fill it up and report that on your IRS taxes.

Feel free to ask if you have further queries.

Sussane

Guest

i am in usa , if i foreclose my house in uk , and if it forecloses with a deficiency then will they still ask me to pay the difference if i am in usa.

jameshogg · Posted: Tue Mar 17, 2009 9:08 pm Post subject:

Hi guest,

If you are presently residing in USA, then the lender in UK will not be able to able to place a lien on your US property. Moreover, your credit score in USA will not be affected. But in future if you try to buy a property in UK, then this foreclosure may affect your chances.

Thanks

Guest

There was a difference in what I owed on my home and what the back sold it for. Is the difference considered income?

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