I'm looking to find out what will happen if my house is repossesed and ends up within an auction or being sold and sell for less than i owe the mortgage lender?
mb ;-(
Answers: You would still owe the match that remains unless the bank decide to write off the difference. If the sandbank chooses to write the remaining debt off afterwards you will be taxed by the IRS as though it be income.
You will have to set up arrangements to nick care of the difference. depends on the transcribe and where you live, if its non-recourse debt later nothing happen to you, you owe nothing more to the lender
The lender may step after you for the difference if permitted by state law.
mb ;-(
Answers: You would still owe the match that remains unless the bank decide to write off the difference. If the sandbank chooses to write the remaining debt off afterwards you will be taxed by the IRS as though it be income.
You will have to set up arrangements to nick care of the difference. depends on the transcribe and where you live, if its non-recourse debt later nothing happen to you, you owe nothing more to the lender
The lender may step after you for the difference if permitted by state law.