Like most homeowners facing foreclosure, you may. and owe more than your house is worth, you could sell your home through a short sale. You do need the approval of your mortgage lender beforehand,
Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up their hands and let the bank take the home, that might not be the wisest thing to do.
Many homeowners are surprised when they find out they can still owe money to the bank after a real estate short sale if the agreed upon price was payment of the loan in full. The homeowners may still owe the difference between the mortgage balance and the discounted short sale amount as the result of a deficiency judgment.
If that’s not possible, you can let the foreclosure proceed, declare bankruptcy or attempt a short sale. With a short sale, you sell your home and the bank takes the money.
· What Is Pre-Foreclosure and When Will Your House Be Repossessed?. another step in the pre-foreclosure process may be a short sale-essentially selling.
The lesson to be learned is that if you owe more on your mortgage than your house is worth and the property is in a state that allows lenders to seek deficiency judgments, you may still owe money even after foreclosure. Judicial and non-judicial foreclosures
What is better on your credit report – foreclosure or bankruptcy?. behind, you still have time before the formal foreclosure process begins.. called a “short sale ” and you'll owe money to the lender even after the house is sold.
If you lose your home to foreclosure, you still might owe money to your lender. By Amy Loftsgordon , Attorney When foreclosure sale proceeds aren’t sufficient to repay the full amount of a mortgage loan, the difference between the sale price and the total debt is called a deficiency.
Deficiency judgments sometimes pop up after foreclosure or short sale.Homeowners are often surprised to receive them, and this is usually because they don’t get the right legal or tax advice in advance.
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