If that’s not possible, you can let the foreclosure proceed, declare bankruptcy or attempt a short sale. With a short sale, you sell your home and the bank takes the money.
Moreover, any owed money after a foreclosure sale can often be eliminated through a bankruptcy, either before or after the foreclosure. If such a bankruptcy occurs, the lender will have few, if any, options for trying to collect this debt. Conclusion Although it is rare to owe money after a foreclosure sale, it is possible.
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"They’re just trying to sell for what they owe or look at short. money from friends or family or work out payment plans with their lenders. Others file for bankruptcy or sell their home to an.
After the short sale is completed, your lender may call you or send letters stating that you still owe money. These letters may come from an attorney’s office or a collection agency and will demand that you pay off the deficiency. Your lender or the collector may even try to intimidate you into making payments.
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. upside down in your mortgage and facing a foreclosure, you may be considering a short. What If I Still Owe Money After The Sale? If you owe $300,000 on.
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Short sale vs. foreclosures: can we actually owe the bank money, if we foreclose? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
If you still owe money on your loan after either a short sale or a foreclosure, whether you still owe the lender that money will depend on where you live. Also, this is the type of deficiency that can be discharged in a bankruptcy if you choose not to keep your house. In Arizona, you will not owe your lender in most cases, and can walk away.
It’s your money and financial future at stake. The bank may. what you owe, which could make it impossible to sell without bringing thousands of dollars in cash to the table or ruining your credit.