You may still owe money after a foreclosure or short sale

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However since a short sale is a negotiated agreement it is very important that the negotiations include a release of liability from the loan. If that is not included then you still owe and the bank has the right to attempt to collect the shortfall even if they have agreed to the short sale.

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If you can sell the property but only for less than what is owed, you may still be able to negotiate a "short sale" with the mortgage company’s lawyer. Be careful! Many companies are jumping into the "short sales" market. Some demand a fee up front and will work to convince you that a short sale is better for everyone.

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.

While a home is pending foreclosure, the bank may agree to cut its losses. It allows the seller to make a short sale and accepts less money than the seller owes on his loan.

If you have one mortgage loan on your California home the answer is no. california senate bill 931 allows that after January 1, 2011, if a lender on a first mortgage accepts a short sale, they are agreeing to waive the deficiency amount. (There are exceptions of course) So, if they approve the short sale and it closes, you will not owe your lender any additional money, even though you have not.

Suddenly the owner has gone into foreclosure and will be going to trustee sale. you encounter a period of months during which you have no idea who to pay your rent to, save your rent money, rather.

Do I need to pay for second loan even after charge off? Anonymous. Posted on. But it will not affect whether you still owe the money. You are not freed from the debt with a charge off.. When we were in preforclosure both mortgage companys approved a short sale because what we owed was now more than what the home was worth because of the.

In some cases lenders never go after the unpaid money, or deficiency. But homeowners going through the short sale process are in some cases being asked to sign promissory notes that they will pay back the money.

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