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    drummingdanny's Avatar
    drummingdanny Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 23, 2009, 08:41 PM
    If I foreclose on my house, how do I pay it back?
    I live in VA and I need to know how the responsibility of payments after a forecloser are. Can they take every penny I have? Am I obilgated to pay it in one big lump sum? I know that credit is severely affected and I am not concerned about that.. I just basically need to know can I live and rent else where and payoff on my own times just accepting the credit hit? Or do they demand much like my mortgage payments right now (can they take it out of my bank account etc.) PLEASE HELP ME.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 24, 2009, 12:42 AM

    If the foreclosure becomes final, the property will be auctioned off. The amount gained will then be subtracted from what you owe. You will still be responsible for the balance. It depends on the lender whether they decide to pursue the balance or not.

    Have you talked with them? Tried to avail yourself of the many support programs currently available?
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