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If you earn $100,000 USD and you live in a $300,000 home, how much money do you make after paying all the bills, grocery, other items(PS3), tax, etc.?
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Additional Details
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 If you have reson to believe that a check you deposited into your bank account will bounce? |
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lundjohn_1 | Bank Forcloses on home. Do You have to pay the balance if they can't sell it for what you owe.? |
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Ollie's Mommy
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Yes. Once the forclosure has taken place and they then sell it at auction or any other manner, you are still responsible for the remainder of the balance. Sad, but true. |
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Mr Placid
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The correct answer is that it depends on what state you're in.
The term for paying the balance of the loan after foreclosure is called a "deficiency judgement." There are maybe a dozen states that do not allow deficiency judgements in one way or another.
In California, for instance, a lender cannot secure a deficiency judgement after foreclosing on a loan, when the loan was used as the purchase money for the property. This would not apply to non-purchase money loans, such as home equity lines of credit (HELOCs).
Also, in order to obtain a deficiency judgement, the lender must go to court, usually within a very short time after the foreclosure is complete. Many lenders won't bother if the deficiency is small.
The laws vary wildly from state to state, so it is best to research your own state's statutes. |
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Gerald
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Yes and other iincurred expenses ...to foreclose and sell... |
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5_for_fighting
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Yes, you will be responsible for remaining balance. One thing to keep in mind is that until the gavel drops on the auction, you still "own" the home. You can sell it until then. Since auctions typically don't bring anywhere near the value of the home, consider selling the house ASAP for below market value and then come up with the remaining amount some way, somehow. |
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Clown Knows
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definitely, yes. |
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STEVEN F
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If the foreclosure is not complete, look into a "Short sale without recourse". 'Short sale' means you put the house up for sale and the bank agrees to accept the best offer as settlement of you mortgage. You will probably come closer to the actual balance this way. 'Without recourse' is legalese for they won't come after you for the remaining balance. If they actually complete the foreclosure, you usually do still owe the deficiency and the cost of foreclosing and selling the home. As another answer stated, laws do vary in some states. |
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Thin Kaboudit
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Yes. Or at least, you will OWE them the balance. If you don't have it, you won't be paying it any time soon!
You will probably end up having your wages docked to pay the lender over time... |
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shelcom
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of course you do. |
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mister ed
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just like when they repro you car -- you owe the difference -- so i suggest you downsize quickly and save the house -- everything goes except food and the clothes on your back -- will not see on answers for a while because i mean really downsize!!! |
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jellybean19681993
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Yes |
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Jenny S
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Yes unless you file Chapter 7 |
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singhalvicky
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no u dont hav to pay the bal if u r not in a position to |
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