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Guest
0.10 Dollars($)
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 Posted: Fri Jun 06, 2008 6:47 pm Post subject: what happens when the bank forecloses on my house and sells |
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| i live in michigan what happens when the bank forecloses on my house and sells it for less than i owe |
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 larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Sat Jun 07, 2008 1:34 am Post subject: |
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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 |
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dennis Lebhardt
Guest
0.10 Dollars($)
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| Posted: Thu Sep 11, 2008 11:16 am Post subject: my home is worth more than the loan |
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| what happens when a bank forecloses on your home and your loan is less that the value of the home |
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helping_user
Joined: 31 Mar 2006
Posts: 803
Location: Hawaii
149.53 Dollars($)
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| Posted: Fri Sep 12, 2008 2:02 am Post subject: RE: bank forecloses - loan less than home value |
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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. |
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vegas_storms
Joined: 12 Sep 2008
Posts: 50
1.24 Dollars($)
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| Posted: Fri Sep 12, 2008 6:34 pm Post subject: |
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It's not always as easy as the lender finding you so he can give you money back. It's up to you to keep track of the process and figure out whether you have any thing coming back.
_________________
http://www.mortgagebreakdown.com
Information given is an opinion, for true legal advice please consult an attorney. |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.03 Dollars($)
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| Posted: Tue Sep 16, 2008 1:22 am Post subject: |
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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.
_________________
Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
Free
Mortgage Quotes
Get
Mortgage Information
Search
Real Estate Agents Here |
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Julia
Guest
0.10 Dollars($)
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| Posted: Mon Nov 10, 2008 1:02 pm Post subject: foreclose |
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| my husband has been out of work for almost a year and we barely able to pay mtg pymts what if we foreclose what happens |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1438
Location: bloomfield, ct
62.37 Dollars($)
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| Posted: Mon Nov 10, 2008 2:11 pm Post subject: |
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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?
_________________
George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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