You may still owe money after a foreclosure or short sale

New owners take the keys after a sheriff’s sale. This sale is normally the last step in a judicially ordered property foreclosure, but even after the sale, a homeowner still has certain rights to.

But buying after foreclosure or short sale. lenders may sometimes require you to pay them off before the loan closes. I also explained that they may be able to settle those collection accounts for.

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Dear Tammy, You have 2 issues you need to address. First, will the lender sue you after the house is sold? Second, can the lender take money directly from your bank account?

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In this article we'll cover the basics of what a short sale is and when it might be a. If you're finding yourself underwater in your mortgage, meaning that you owe. it could affect your credit and potentially prevent you from getting another loan for.. Truth: You may still be able to short sale if there are other circumstances that.

Many homeowners are surprised when they find out they can still owe money to the bank after a real estate short sale if the agreed upon price was payment of the loan in full. The homeowners may still owe the difference between the mortgage balance and the discounted short sale amount as the result of a deficiency judgment.

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.

When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount.

That means the money will be used to pay off the holder of a second mortgage, for example. If after paying the lender in the foreclosure action and satisfying any other liens on the property, there is still an excess, you do have a right to that money! How do I get excess funds from a foreclosure sale? If your property is sold at foreclosure.

accessible Tompkins: Macgregor Troutman Disclaimer: All content provided on BustedOffenders.com is obtained from the public domain and accessible through the reporting agency of record in the city, county or. "Well, that is a conflict," says Greg May, vice president of residential mortgage lending at Ithaca, N.Y.-based Tompkins Trust Company.