Topic: Owe Anything after Foreclosure
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Answers to Common Questions
What Do I Owe After Foreclosure?
Foreclosures can be complicated processes, and lenders may have different ways of conducting a foreclosure based on the rules in the state where they operate. Many homeowners assume foreclosures are final, and that there is no way to stop a... Read More »
Source: http://www.ehow.com/about_6662846_do-owe-after-foreclosure_.html?...
What happens after foreclosure if money still owed.?
Please. Wage garnishment is the last step in the process. First the lender will file what is called a deficiency judgment, which will tie up the former owner's credit. The judgment will show up on any name search made by any serious lender ... Read More »
Source: http://answers.yahoo.com/question/index?qid=20070721165005AAEYEbd
What happens to an equity line owed after foreclosure on the hous...
I don't know where you get the idea that one or both of the debts will be written off. Most likely you will owe the balance of your first...most defiantly you will owe for the second. Read More »
Source: http://answers.yahoo.com/question/index?qid=20090216141653AA0RtnV
More Common Questions
Answers to Other Common Questions
The lender holding the 2nd mortgage can get a deficiency judgement against the owner. In the past, it was more common to give the owner a 1099 for the deficient amount which will count the loss as income to the homeowner. There were advanta...
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Source: http://answers.yahoo.com/question/index?qid=20080326235609AAwmv7X
A foreclosure on a home may also result in a 1099-C from the mortgage lender if the property is sold for less than the amount of the loan. In this instance, a person loses their home and may also face a tax bill. Usually, the bill comes man...
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Source: http://answers.yahoo.com/question/index?qid=20070920154537AAmIGny
If the lender sells the property for LESS than the outstanding unpaid principal balance, the balance is reduced by that amount. The lender then files a deficiency judgement/lien and the judgement/lien is recorded against the credit report. ...
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Source: http://answers.yahoo.com/question/index?qid=20071127185054AAxFLRm
Whoever signed the original mortgage is liable for the difference. It doesn't matter what happened to the property value, they signed a contract and failed to meet their obligations.
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Source: http://answers.yahoo.com/question/index?qid=20090109181851AACraiT
That depends on the type of mortgage, and how the mortgage was foreclosed. From your question, I am assuming that you were the borrower on the loan, you owned the house that was foreclosed, the mortgage was on the home, and you signed the m...
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Source: http://answers.yahoo.com/question/index?qid=20091102095818AArtI2y
Things aren't looking so good... According to government statistics home foreclosures are at an all time high. Millions of Americans have no choice but to foreclose on their homes because they owe more on their mortgage loan then their hous...
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Source: http://ezinearticles.com/?Foreclosure-and-the-IRS---How-Can-You-A...
