Foreclosure QUESTION?
Question:
Answer:
They will sell it and any balance owing you must pay. Your credit will be trashed and no other homes will likely get financed for 4 years at least
You will go to court and the Bank will own it.
the bank will take the property through foreclosure, sell it, and come after you for the balance due.
Why not try and sell it yourself and pay off the mortgage.
If one of the properties goes into foreclosure, the bank will attempt to sue you for the balance due on the loan and have the property sold at sheriff sale to pay the defaulted loan. Then, everyone living in the property will be evicted, after any applicable redemption period.
When the property does not sell at sheriff sale for the amount you owe on the loan, including costs and interest, the bank can sue you for a deficiency judgment. This means they can have a judgment placed against your personal assets for the balance you still owe on the loan. This practice seems to be pretty rare among lenders, as they know people in foreclosure generally do not have extra money.
However, the bank can not come after the other house that you own. Your property secures the mortgage, so taking the property is the only recourse the lender has if you default on payments of the mortgage. Personal belongings, property covered by a different loan, and your income can not be targeted by the bank, unless a deficiency judgment is obtained.
I hope that helps a little.
ForeclosureFish
http://www.foreclosurefish.com/...
What you need to do is refinance the one thats being foreclosed on immed cause whatever balance u owe after forclosure they will attach a lien to any of your assets until its paid meaning your primary, investment or any property of yours which will create a great hardship on you.
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