You may still owe money after a foreclosure or short sale

NEW YORK (MainStreet) – Everyone knows what a home foreclosure is, and after three. In a short sale, the lender or servicing company has agreed to take less than it’s owed. The homeowner, for.

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.

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If you still owe money on your loan after either a short sale or a foreclosure, whether you still owe the lender that money will depend on where you live. Also, this is the type of deficiency that can be discharged in a bankruptcy if you choose not to keep your house. In Arizona, you will not owe your lender in most cases, and can walk away.

After foreclosure, homes go to sheriff’s sale to satisfy the amount owed on the mortgage. Whether you still owe money after the sale depends on a few factors. Q: My house sold at Sheriff’s auction to my mortgage lender. They have recently sold it, how do I get information that my loan was covered and [.]

If I have to do a short sale on my home, will I have to pay the difference between the selling price & what I still owe? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

Although the housing market has been on the rebound the past couple of years, many homeowners are still faced with the predicament that they owe more money. foreclosure. However, they may require.

One of the most common concerns my sellers have is whether they will owe money after their short sales are closed. While Connecticut allows lenders to pursue borrowers for deficiencies when properties end up in foreclosure, short sales are a different story.

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For example, if you owe $500,000 to your mortgage lender and short sale the home for $450,000, your lender will report $50,000 of canceled debt on your 1099-C. Since most mortgage lenders wouldn’t agree to a short sale if the value of the home exceeds the outstanding mortgage balance, usually no capital gains issues exist.

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