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    jocoov's Avatar
    jocoov Posts: 1, Reputation: 1
    New Member

    May 14, 2008, 09:55 AM
    Foreclosure procedures
    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.
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member

    May 14, 2008, 11:53 AM
    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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