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    moonlite's Avatar
    moonlite Posts: 90, Reputation: 3
    Junior Member
    		  
    #1

    Aug 21, 2009, 02:04 PM
    Can the bank do this ?
    I own an investment property that is not doing well at all and I'm seriously considering foreclosing on it. I've never done this before. When I purchased the property, it was worth much more than it is now. So if I foreclose and the bank isn't able to sell it at the due loan amount, can the bank come after me for the difference in price ? Let's say I owe 50K. The bank was only able to sell it for 20K. Do I owe the bank 30K? Thanks.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Aug 22, 2009, 07:04 AM
    Quote Originally Posted by moonlite View Post
    Do I owe the bank 30K ??
    Hello moon:

    Sure you do.

    excon
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