After foreclosure do i have to pay anything to my leanders?
Question:
Yes, you are still legally responsible for the difference of what you owe and what they sell the property for. Also you may have other fees they expect to get back from you. If you do not pay, they can attach a lien to the property which means if you want to purchase a home later down the road it will show up and you will have to payoff the lender at that time.
Do you have an attorney? That is something I would ask him/her, but I would most certainly think NOT.
i'm sorry but both previous answers are incorrect.
here is a website that lists the foreclosure laws and timelines for each state
http://www.foreclosures.com/pages/state_...
also---if the previous answers had listened to Bush's speech and has been paying attention to the media hype about the sub-prime market ---they would know that you are gonna be allowed to just walk away.
read the laws...check out the different websites, foxnews, cnn etc.it is all detailed.
the best thing to be is INFORMED...and you do not need an attorney unless you are looking at bankruptcy.you simply move, lock the door and walk away.
good luck ---hope all is well in your future :)
The answer to this question depends on what the property sold for at foreclosure. If the sale proceeds don't equal the note amount, then the lender can file for a deficiency judgment and you would be the person they would look to for satisfaction (assuming the deficiency judgment is granted).
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Depends. Sometimes you might be responsible but probably not.
It would depend on what happens at the sheriff sale of the property and if the house sells at auction for an amount that pays off all of your loans.
If the sales price of the house is enough to cover the mortgage and other liens, then there is nothing the lenders could go after you for. They would be paid off in full with no further liability on your part.
However, if the house does not sell at the sheriff sale for enough to pay off the liens, then the banks could sue you for the difference. This is a deficiency judgment, and is available in many states, although not every state. Check your state's foreclosure laws to determine if the bank could sue you for a deficiency judgment.
Banks, though, rarely sue former homeowners for the difference. They are aware that you lost the house because you didn't have enough money to pay the mortgage, and getting another judgment against you would not help them collect any more of the loan. In fact, the court costs and legal fees to sue you would most likely end up costing them more than they would ever collect on the judgment.
So, yes, you may owe money to the lender after foreclosure. But only if they sue you for a deficiency judgment. And they may not be able to do that in your state at all. And even if they can, they probably won't.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
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