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You may still owe money after a foreclosure or short sale

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Knowing whether your money is safe after foreclosure.. before foreclosure. Even look into a short sale if the property value is less than what you owe. While your credit score could still take.

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Moreover, any owed money after a foreclosure sale can often be eliminated through a bankruptcy, either before or after the foreclosure. If such a bankruptcy occurs, the lender will have few, if any, options for trying to collect this debt. Conclusion Although it is rare to owe money after a foreclosure sale, it is possible.

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.

And let's say you still owe pretty close to 150,000 on the loan for the bank. Your loan might have even been an interest-only loan, but even after a year or two.

Learn how to avoid owing your mortgage lender money after a short sale of your home.. a sale price for less than your mortgage debt and you avoid foreclosure. your lender may call you or send letters stating that you still owe money.

Get your dream home with Florida and Georgia Mortgage Loans FHA MORTGAGE BENEFITS: The FHA mortgage is so popular is because Florida mortgage applicants use them are able to take advantage of benefits and protections unavailable with any other mortgage loan program. Loans through the FHA are insured by the government, so the Florida mortgage lenders that approve these loans are more lenient.

Tip: If you complete a short sale or deed in lieu via the Home Affordable Foreclosure Alternatives (HAFA) program, the deficiency balance must be waived. The advantages of a short sale are like a deed in lieu in that you can reduce the credit score impact and get a new mortgage sooner. You may also be offered a financial incentive to short sell.

After the short sale is completed, your lender may call you or send letters stating that you still owe money. These letters may come from an attorney’s office or a collection agency and will demand that you pay off the deficiency. Your lender or the collector may even try to intimidate you into making payments.

For example, if you owe $500,000 on your mortgage and can no. In order to determine whether you will owe money to your lender after a foreclosure sale of your. judgments, you may still owe money even after foreclosure.

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