What happens to the balance owed to a bank after a house has been auctions because of foreclosure?
Question:
Answer:
You will still be responsible for the debt on this home. They can freeze assets, an can keep you from ever getting another mortgage. They will either send it to a collection agency or go ahead and pursue further action like litigation. Then it just becomes more costly b/c of court cost, attorney fees, and the remainder of the balance on the home. The bank doesn't care that it went up in an auction. They didn't say that you didn't have to pay b/c you no longer have the house. Doesn;t work that way.
And anyone that tells you not to pay, are ignorant morons. Its people like that, that make it harder for the ones with good credit and standings with creditors to get credit. And even makes it harder for you. Makes you look really bad. Pay your bill. Be the better person, not a dead beat debtor.
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