Posted on: 02nd Mar, 2010 10:53 pm
If my house goes to auction due to foreclosure and the sale is for less than the amount owed on my home, am I liable for the outstanding amount?
Hi myers,
You would be liable for the deficient balance resulting from the sale of the property. After the foreclosure sale is complete, the lender would ask you to pay off the balance amount. If you do not do so, the lender may charge off the balance amount.
You would be liable for the deficient balance resulting from the sale of the property. After the foreclosure sale is complete, the lender would ask you to pay off the balance amount. If you do not do so, the lender may charge off the balance amount.