Foreclosure?
Question:
Answer:
If the property sells at sheriff sale for less than what you owe the bank, sometimes they can sue you for the difference. Some states don't allow this, though, so look up your state's foreclosure laws to find out if the bank could sue you.
But even if they can sue you, it is rare that banks will do this, since they know that most homeowners who go into foreclosure do so because they do not have much money left. It will cost them more money in lawyer fees and court costs to get a judgment against you, and there is little chance that you will ever be able to pay it back. So it's not really worth it to banks.
But if they got the judgment, then they could continue trying to collect any way they see fit, including trying to get a lien on your property. The lien would be there until you sold the property or refinanced and had to pay if off. Again, though, this is extremely rare for banks to go through this process.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
The lien is already on there from the mortgage, when they take your property they usualy auction it off and sell it quickly so they can get there money and move on. This is bad for you because you will probbaly never see your equity and they could sell it for less than the mortgage and come after you for more. They cannot put a lean on other property ulless you used that propetyand to secure the loan, but they could sue you over the diffrence and once they get a judgment on you the judge could order lots of diffrent remedies to make them whole. I would think they would foreclose after like 3 or 4 months of non payment
No and yes. If they get a judgement against you, the judgement could turn into a lien.
Bank takes your property. Lets say you owe 100k and they sell it for 75k, the IRS will expect you to put that 25k on your taxes as a profit. Your credit will be shot cuz it will say you owe X amount of dollars and that its an open collection so good luck trying to get another mortgage.
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