Comments on: What Happens After Foreclosure? Four Possible outcomes…

By: Bank Mod

Bank Mod — Fri, 17 Jun 2011 05:14:59 +0000

Terry,
You need to try harder with the bank to get the Mod. I work at a place doing Mods. Yes it can be a pain to work with the banks, but get them what they ask for. If they didn’t get it, send it again. And 20 times if they ask. It’s your house we’re talking about.

By: rich

rich — Tue, 14 Jun 2011 20:10:50 +0000

If the bank is the only bidder and buys the house at a foreclosure sale at a price substantially lower than the mortgage amount, does that price cap the homeowners liability? Say the bank eventually sells the house lower than it purchases the house at the foreclosure auction, would that also be the homeowner’s responsibility? Say the mortgage was $100k, the house sells to the bank at the foreclosure sale for $50k and the bank eventually sells the house for $25k (not counting expenses). Is the homeowner on the hook for $50k or $75k? What about he bank’s expenses?

By: terry

terry — Tue, 07 Jun 2011 02:35:12 +0000

My wife and I lost our jobs four years ago. We used to make @$95,000 but now we make less than $45,000. We can not afford our house anymore and the value of our house in our neighborhood has dropped to $110,000 from $233,000. We can not sell the house and we can no longer afford the $1,400.00 house payment. We tried to modification with our mortgageholder but they kept playing games by saying that they needed and didn’t get paperwork. We played this game for ten months now and now we have decided to give the house up. We tried selling it but no luck. What backlash can we expect?

By: Kenneth

Kenneth — Sun, 05 Jun 2011 13:04:46 +0000

What happens if a house is auctioned below the value of the loan amount. Is the owner responsible for the remaining balance? If one goes through foreclosure, can bank come after your other rental real estate properties (not under same mortgage) and other assets that you have, example: IRA,stocks, savings, autos, garnish your wage, etc.?
Can they just pull up your social and take everything you have?