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Bobbi A | If i purchased a home in 2005 and it was a subprime loan and then i walk away and it forcloses? |
AND THE BANK TAKES IT BACK AND THEN LISTS IT WITH A REALTOR AND PUTS IT ON THE MARKET FOR HALF THE PRICE I PAID FOR IT THEN THEY SELL IT FOR THE LOW PRICE WILL THEY COME AFTER ME FOR THE DIFFERENCE AS IN CAPITAL GAINS? |
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pegsterh82
 |
The bank will either sell it for what the property is worth or how much is owed if the house is sold in foreclosure. that depends on the investor.
If you let the prop go to fcl (foreclosure) sale, then you have a fcl on your credit report for up to 10 years (or longer) and you will be evicted from the prop. You wouldn't have to pay the mortgage company/bank back.
They shouldnt come after you with the difference. You might be responsible for utilities if they are not shut off, they dont affect judgment.
Once the deed is out of your name you're done. |
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acermill
|
Due to a new law recently passed, lenders can no longer issue you a Form 1099 for 'forgiven debt' which is taxable income. However, since that law was passed, I have seen many lenders proceeding with lawsuits to reclaim the amount of the deficiency from the borrower.
If you paid, as example $300,000 and the net proceeds of the property sale are about $150,000, you might see a judgment lawsuit demanding that you repay the lender the missing $150,000.
There's NO pretty solution to the decreasing real estate values situation. |
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Emcee H
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no. How did you have any capital gains from this scenario? You did not sell it and make money. Your credit will be jacked for the next 7 years. |
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don1862
 |
Legally they can, but if you don't have it, they may not want to waste the time and effort. |
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sporregar
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You will have to pay the difference between what they got for it in the sale and what you owed for it when it was foreclosed upon. |
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The Cat thinks he's GOD
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Not for the capital gains, but for the difference in what you owed and what it sold for. So lets say you paid $200 thousand for it and you owe a total of $145 thousand on the loan and they sell for $100 thousand. The bank can come to your for the $45 thousand. Do everything you can to avoid foreclosure. Maybe you can sell the house for what you owe plus closing costs and walk away? There are investors out there who will buy it. Or has this already happened? I'm so sorry if it has. Good Luck |
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Denise S
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Here's what I have been told. I should never give this advice unless told to disclaim that a attorney is the only people who knows all the facts so with that being said :-) here goes...
With the short sale if you have not refinanced and you get in touch with the lender and let them know you can no longer pay the payments, and you get a Realtor to list the house and to do all your negotiations for you with the bank from there on out (that's why you hire a Realtor). Even if the House sells for less, chances are the money will get forgiven, but once you forclose it's anyones guess.
So my advise is you should not have walked away, but since you did you need to contact a Real Estate Attorney, you may be happy you did.
Hope this helps!
I am sorry you lost your home. |
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stratus_31
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Well as far as I've read about this in real estate class.........the bank would try to sell the property for what is owed on it at least.......If that doesn't work then it would be auctioned off......If the auction price comes in at less then what you owed on the loan you are liable for the difference......Good Luck. But still, talk to the mortgage company you have okay. |
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Expert Realtor
 |
That isn't capital gains....that legal term doesn't even apply.
The bank will sell it for whatever they can get out of it, and yes, they will sue you for the balance that doesn't cover the loan. |
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