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Money still owed on loan after foreclosure and house has been sold at a public auction?
Wiki User
∙ 16y ago
And?
If your not in bankruptcy where the excess may be discharged (only after using your other assets to satisfy this and other debts), you will still be liable for the deficit.
You borrowed the money using the house as collateral...you agreed to pay back all of what you owed...if you sold the house or if you forced them to makes no difference. If you made a bad investment, or didn't maintain it well, the lender isn't liable...he only did what you asked him, gave you money. If you, (or they), sold it for more and there was excess, you would have rightfully expected it to have been yours.
And yes, you also owe them all the missed payment, penalties and interest along with the costs of having to foreclose.
Wiki User
∙ 16y ago
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Do you get the best deal by buying a house at a foreclosure auction?
Yes, you get the best deal by buying a house at a foreclosure auction. You can read more at www.realtytrac.com/foreclosure/Auction/how-to-buy-homes-at-auction.html
What is the house foreclosure process?
Foreclosure is governed by state law, different states can observe different foreclosure procedures. In foreclosure, the lender, mortgagee, automatically becomes full owner of the property when a borrower, mortgagor, defaults. The borrower can still pay the full amount and get the house back during the redemption period. If the money is not paid back, you will lose the ownership of the house. Then the house will be sold at a public sale or auction to pay for the full loan amount, if the sale is less than the amount owed, you will owe the difference.
If foreclosure homes are sold at auction how are realtors selling foreclosure homes - Do they purchase the homes themselves or are they attempting to sell before the auction - How does this work?
the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
If you have a lien on the house going into foreclosure will you get your money?
No
Can lanlord allowed to give 3 days notice to quit to her tenant even the house is foreclosure auction?
no must be a week and the tennant is entitled to taking the bond money for security.
If you made the payment but the bank says you didn't on the foreclosure statement but is the foreclosure valid?
No, it's probably not a valid foreclosure at this point. This is what the foreclosure hearing will be meant to establish. The fact that the bank is pushing the house into foreclosure does not mean that they will be allowed to sell the house at a public auction. Instead, they will have to sue the homeowners through the court system and obtain a judgment, based on nonpayment of the original mortgage. The judgment will be the impetus for selling the home at a public sheriff sale, and proceeds from the foreclosure auction will be used to pay off the judgment. However, if the mortgage has been paid as agreed, this evidence should be presented at the hearing to the court. The court may request more documentation from the lender to back up the charge of defaulting on the loan. If the loan has been paid as agreed, then there is no grounds for a foreclosure judgment to be issued.
Can you take your refrigerator from your home that was sold at foreclosure auction?
Yes you, can. When a house gets foreclosed, it is based on the house itself, not its personal furniture and items.
If your house is put up for auction do they get to keep your personal belongings?
Anything in the house at the time of the auction belongs to the estate. The person who wins the house also wins anything in the house at the time. * If the question refers to a foreclosure then the answer is no, personal items and household furnishings are not a part of a foreclosure sale. If it pertains to an estate, the state probate laws govern what property is exempt and what is not.
Can I really buy cheap houses at a foreclosure auction?
Foreclosure auctions are some of the best places to buy cheap houses. Normally the bank is just trying to get their money back and is willing to sell the house pennies on the dollar so you can end up getting a bargain
If your house was in foreclosure what would be your greatest need?
My house is going through foreclosure. My biggest need is money to move and finding a place to rent.
Should you take all the contents out of your house before it goes up for foreclosure auction?
Only if you want to keep the items.
What does it mean when a foreclosure sale date has been set?
That is the date the home will be offered for sale at auction, usually on the steps of the county court house. The auctions are public and bids are accepted by any qualified buyer, including the prior homeowner.
