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    ceejay77's Avatar
    ceejay77 Posts: 2, Reputation: 1
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    #1

    Mar 9, 2008, 05:00 PM
    Foreclosure and Assets
    Will my daughter lose future assets (she's expecting a settlement) if a house she currently owns is foreclosed? Thank you.
    N0help4u's Avatar
    N0help4u Posts: 19,823, Reputation: 2035
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    #2

    Mar 9, 2008, 05:03 PM
    If the house is foreclosed they will sell it for whatever amount they can get on it.
    If they sell it for 15,000. But she had still owed $20,000. They would come after her for the $5,000. Difference PLUS any fees they might add on
    I really don't think they would just up and take her money until after the house is sold and they had a judgment against her if she choose not to pay.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Mar 9, 2008, 05:03 PM
    Well she won't "lose" it, she may be forced to pay her bills ( money she really owes) from the future money she gets. I don't assume you think she would not have to pay her legal and legitimate bills when and if she has the money to do it. If she has proof of a future settlement, most likely she can talk with the lender to get more time so she can merely pay a lot of late charges and the such from her settlement and keep the house.
    N0help4u's Avatar
    N0help4u Posts: 19,823, Reputation: 2035
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    #4

    Mar 9, 2008, 05:09 PM
    Quote Originally Posted by Fr_Chuck
    , most likely she can talk with the lender to get more time so she can merely pay alot of late charges and the such from her settlement and keep the house.
    Yeah they told me I had up until the day before the auction to pay up and keep the house.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Mar 9, 2008, 05:24 PM
    Most lenders today don't want the house, and if you can show them a real sourse of money coming in, most would rather just keep charging fees and latter get their money.

    When my business went under, my home lender gave me monhs and months over 9 and had not even filed a foreclosure, since we tried hard to work with them. We finally got it sold and had got them paid off.

    Not saying all will, but you don't know they won't unless you try.
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