I have had my house foreclosed on. I'm looking for answers on what I'm supposed to to do and how much money I owe? I owed 440,000 and I believe the house sold for 250,000 and no one has gotten back to me about what I'm supposed to do next.
I have had my house foreclosed on. I'm looking for answers on what I'm supposed to to do and how much money I owe? I owed 440,000 and I believe the house sold for 250,000 and no one has gotten back to me about what I'm supposed to do next.
It all depends on the state that you are in and its statutes. A fair generalization, although not absolute would be that if the debt was secured by a Deed of Trust, and the foreclosure was accomplished via a Trustee Sale, you probably would not owe a deficiency. If the debt was secured by a Realty Mortgage, and there was a Judicial Foreclosure, there is a greater likelihood that you might owe a deficiency. Check your loan papers. Also I believe that the Feds passed a new law that would eliminate your tax liability for money lost by the lender in the foreclosure. I wish you the best. You are not alone.:)
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