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Short Sale vs. Foreclosure: Do the homeowners still owe the bank money after a real estate foreclosure? They may still owe the difference as a deficiency judgment. short Sale vs. Foreclosure: Do the homeowners still owe the bank money after a real estate foreclosure? They may still owe the difference as a deficiency judgment.
Worried about owing a deficiency after a short sale? Learn about the steps you can take throughout the short sale process to. While many states have laws that prohibit lenders from suing borrowers for deficiencies after foreclosure, most of. or sending you letters in the mail reminding you that you still owe them money.
Foreclosed borrowers may still be on the hook when there’s a difference between what they owe and the value of the properties they’ve given up, a growing problem.. if you are pursuing a short.
A short sale occurs when your mortgage lender or servicer allows you to sell the home for less than you owe. short sales let lenders recoup at least some cash and avoid the expense and time involved with foreclosure. It can take more than three years in some states for the foreclosure process to play out.
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· How much do I owe the bank after foreclosure? I gave up possession of my house and it was foreclosed upon and auctioned off at a sheriff’s sale. The lender bought it back for $75k though I.
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A short sale might block you from a mortgage on a new home for two years or so, but a foreclosure or bankruptcy could keep you out of the market for as long as seven to 10 years. Even if you must wait two or more years, it’s an opportunity to improve your credit score through good financial behavior and that could mean a better interest rate.
Donnelly notes, "You don’t want it to go into foreclosure. way your heirs might avoid a forced sale is if they use their money to repay your debts, even though they’re not directly liable for what.
A deficiency judgment is where, after a short sale ends, the mortgage. To foreclose, they'll schedule a foreclosure auction to sell the house to a third party.. because lenders are intent on recovering the money they're owed.