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momof3 | If our house got foreclosed on would we be responsible for the difference the bank sold it for and what we owe? |
we filed chapter 7 bankruptcy about 2 years ago and got to keep our house. Unfortunately we are finding out with all the problems its having over the last few years we would of been better of to let it go. Does anybody know how foreclosure would work if we already filed bancruptcy?
Additional Details
by the way I live in Ohio |
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Fun N Sun
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if the house was included in the bankruptcy (which im sure you had the house prior to filing) you can walk away from it and not owe anything. I would call up the mortgage company and give them your case number and they should take care of the rest. and if you don't believe me - call your lawyer and he will tell you the same thing. |
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loanmasterone
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The answer to your question is summed up as to what foreclosure procedure is used by your lender or bank.
There are two foreclosure procedures used by banks and lenders to foreclosed on those that fail to make their monthly mortgage payments as agreed by the contract or mortgage loan doc.
The mortgage loan docs you signed will tell you which of the two procedures they plan to use in the event you fail to make your monthly mortgage payments.
Non-judicial foreclosure is the most common foreclosure procedure used. Under this procedure you would receive a notice "Notice of Default" in the mail followed by one being place on the property that is foreclosed on. You would have 90 days after receiving this "Notice" to bring the mortgage current by any means necessary. Your current bank/lender would entertain the idea of refinancing your mortgage loan.
Failure on your part to bring the mortgage current after the 90 day period, you would receive a "Notice of Sale" in the mail and again one would be placed on your door. Upon receiving this notice you would have 20 days to cure the foreclosure. Your lender under normal conditions would not be inclined to refinance you at this point.
At the sale you property would be sold to the highest bidder or returned to the bank because there was no bid high enough. That would conclude your interest in the property. It now belongs to the bank or the new buyer.
This is the procedure used by approximately 95% of the lenders/banks.
The next procedure is the judicial foreclosure procedure. Under this procedure you would receive a summons from a court indicating your lender was suing you for not paying your monthly mortgage payment as agreed by the mortgage contract you signed. Under this procedure the lender has a legal right to sue you for a deficiency judgment. You also would have a right of redemption. This right of redemption could be any where from 30 days to 3 or 4 years depending on the laws of your state. This right of redemption is not very popular with the bank/lenders.
Either way if there is a loss on the sale of your property you would get a 1099 stating that you had a gain on your property. The reason being under the IRS definition of a loss,someone must have had a gain. The person that had the gain was you, thus the 1099.
You can not normally file another bankruptcy for another 7 years since you filed a chapter 7. This chapter liquidated your debts and not just reorganized them.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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Pengy
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Lets see they agreed not to liquidate your home because you agreed to make the payments, whole nother ball game going on here. One of two things will happen yes Virginia they can come after you fo rthe difference, the other option is they can send you a 1099 income not earned in which case you will be on the hook for local, state, and federal taxes which are at the bonus level. (If you ever got a bonus at work you will see the taxes taken out are between 33-36%) |
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luludoodie
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In the Uk you are responsible for the difference and the bailiffs and banks extra charges etc. which can mount up alarmingly as I think bailiffs charge £300 for every "attendance" and of course the banks will charge you just for breathing - and the interest on top! |
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where is everybody?
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you wouldn't be responsible, however, you would have such bad credit owning a home would be next to impossible |
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Lourdes F
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nope you will just get bad credit |
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Dagger_SA
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The house is not part of the BK, so your assumption in the question is correct....when the mortgage holder sells the home, you will be responsible for the balance on your account minus the proceeds of the sale PLUS their costs of selling it.
If you can find a buyer to do a "short sale" and bring that person to the bank, it will save you a lot since they'll have lower costs of selling. |
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pinksteel10
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NO, even if there was no bankruptcy. |
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joel_corley
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Usually, yes.
Some states like Texas require certain types of mortgages (cash-out loans, for instance) be no-recourse loans, where the lender cannot pursue the borrower for the difference; but in general, the borrower is usually responsible for the difference between what the lender can sell the house for and what is owed. In other words, you are required to "make the lender whole."
Even if the loan were a non-recourse loan (unlikely), they would send you a 1099 and report the loss as income to you to the IRS. Unless you can show to the IRS that you're insolvent, the IRS will require you to pay income taxes on that reported income.
As for bankruptcy, you can only discharge a debt by paying it or by including it in a bankruptcy. If you've already filed for bankruptcy but the proceedings aren't complete, you may be able to amend the filing to include your house. If the proceedings are complete, you may be out of luck for several years - until you're allowed to file BK again. If you believe any of these situations fit you, I'd highly recommend you consult your bankruptcy attorney.
- Joel |
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Christin K
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If you declared bankruptcy you were insolvent and you owe nothing for the difference.
If you were not insolvent at the time of the sale, then you DO owe the difference--it will be reported as income on your return. There are many things that can offset the amount, too many to go into here. Read up:
http://www.irs.gov/newsroom/article/0,,id=201874,00.html |
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Liz
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Yes you would be responsible for the difference. Forclosure would work the same way even though you had filed bankruptcy in the past. You will lose the house, you will owe the difference, and they will either garnish your wages or lien your tax return to get the money for it. |
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Eric D
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All you have to do is yell bankrupcy. Just yell it, no one has to hear you, and your all good.
Then you can move away to a tropical island and change your name.
All good now. |
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jack99skellington
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The bank will sell it for whatever it can get. You will be responsible for any amount that you owe above what the bank got.
Now that you know that I have to say this: If you can afford to keep your house, it's in your best interest to do so. It's also in everyone elses best interest - the bank will just pass those losses on to everyone else.
Don't be a deadbeat and make everyone else pay for your mistakes. |
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