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View Full Version : Can a bank come after the homeowner after they have been foreclosed?


sheenyman
Aug 11, 2010, 11:40 AM
When a person loses their home, can they still be sued for the remaining balance?

JudyKayTee
Aug 11, 2010, 01:19 PM
Where and what type of mortgage?

ScottGem
Aug 11, 2010, 01:37 PM
Generally the house will be sold at auction and the proceeds applied to the balance. With current laws, I believe the lender cannot go after the home owner for the balance, but if they "forgive" the balance, that becomes taxable income to the homeowner.