If your forclosed property is vacant and once the forclosure go though, and the house sells for smaller amount than you owed on the original mortgage, what can the dune do to you? Can they try and get the difference from you? How can they try and capture the money from you?
Answers: Each state has their own foreclosure law. The lender or may not have a right to sue for a less judgment. This depends on what state you are surrounded by, the type of deed they are foreclosing on and what method they choose to foreclose (judicial or non-judicial). Some states, such as California, a puchase money loan is customarily a non-recourse loan, meaning the lender can't pursue a not as much as judgment, but if you refinanced & took out equity that did not modernize the property (bought a car or boat) you enjoy just turned your non-recourse puchase loan into a recourse loan.
Here is a intermingle to 3 sites with foreclosure law for all 50 states and also a association to
Foreclosure Laws:
http://www.truthinforeclosure.com/state-...
http://www.entrusthome.com/index.php?mod...
http://www.forecloseddreams.com/state_by...
Anti-Deficiency / Non-Recourse States:
http://www.helocbasics.com/list-of-non-r...
Refinance Mistakes:
http://www.sandiegopredatorylending.com/...
If the home was your personal residence, you may be eligible for the Mortgage Forgiveness Debt Relief Act & not hold to pay taxes on the cancelled debt as income.
http://www.irs.gov/individuals/article/0...
The law are different for each state. Here contained by California, if you purchased the house (this is call a purchase money first trusted) and never refinanced it, afterwards the bank can simply get what the house sell for at auction and can't come after you for the difference. If you refinanced or took a second mortage on the property then the hill can go to you if the property does not supply for what you owe. You can ask a real estate agent surrounded by your state. Hope this helps It's not predictable to happen, depending on the mart the bank will enjoy a reserve price ( auction) or set price, witch they have to collect , to cover the loan that was taken out, as capably as all here out of pocket expensive, such as marketing, admin fee's and so forth.If it did happen, they can pilfer you to court. Or they can make you remuneration the difference in monthly installment's, out side of court .
if the property is sold/auctioned for smaller amount than what you owe you are responsible for the difference. Possibilities of what they could do: garnish your wages, freeze sandbank accounts or even come after other property that you own -- like your vehicle or other assets. Plus the IRS will tax you on the difference. Please read this article that explains: http://www.washingtonpost.com/wp-dyn/con...
They DO gain the difference from you. You owe it.
They will get a judgement and consequently garnish your wages, or attach to your dune account.
Rick B is right
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Answers: Each state has their own foreclosure law. The lender or may not have a right to sue for a less judgment. This depends on what state you are surrounded by, the type of deed they are foreclosing on and what method they choose to foreclose (judicial or non-judicial). Some states, such as California, a puchase money loan is customarily a non-recourse loan, meaning the lender can't pursue a not as much as judgment, but if you refinanced & took out equity that did not modernize the property (bought a car or boat) you enjoy just turned your non-recourse puchase loan into a recourse loan.
Here is a intermingle to 3 sites with foreclosure law for all 50 states and also a association to
Foreclosure Laws:
http://www.truthinforeclosure.com/state-...
http://www.entrusthome.com/index.php?mod...
http://www.forecloseddreams.com/state_by...
Anti-Deficiency / Non-Recourse States:
http://www.helocbasics.com/list-of-non-r...
Refinance Mistakes:
http://www.sandiegopredatorylending.com/...
If the home was your personal residence, you may be eligible for the Mortgage Forgiveness Debt Relief Act & not hold to pay taxes on the cancelled debt as income.
http://www.irs.gov/individuals/article/0...
The law are different for each state. Here contained by California, if you purchased the house (this is call a purchase money first trusted) and never refinanced it, afterwards the bank can simply get what the house sell for at auction and can't come after you for the difference. If you refinanced or took a second mortage on the property then the hill can go to you if the property does not supply for what you owe. You can ask a real estate agent surrounded by your state. Hope this helps It's not predictable to happen, depending on the mart the bank will enjoy a reserve price ( auction) or set price, witch they have to collect , to cover the loan that was taken out, as capably as all here out of pocket expensive, such as marketing, admin fee's and so forth.If it did happen, they can pilfer you to court. Or they can make you remuneration the difference in monthly installment's, out side of court .
Air conditioner broke near warmth over 100 degree and apartment continuation wouldn't return my bid.
if the property is sold/auctioned for smaller amount than what you owe you are responsible for the difference. Possibilities of what they could do: garnish your wages, freeze sandbank accounts or even come after other property that you own -- like your vehicle or other assets. Plus the IRS will tax you on the difference. Please read this article that explains: http://www.washingtonpost.com/wp-dyn/con...
They DO gain the difference from you. You owe it.
They will get a judgement and consequently garnish your wages, or attach to your dune account.
Rick B is right
Resolved Questions: