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

    Aug 11, 2010, 11:40 AM
    Can a bank come after the homeowner after they have been foreclosed?
    When a person loses their home, can they still be sued for the remaining balance?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Aug 11, 2010, 01:19 PM

    Where and what type of mortgage?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Aug 11, 2010, 01:37 PM

    Generally the house will be sold at auction and the proceeds applied to the balance. With current laws, I believe the lender cannot go after the home owner for the balance, but if they "forgive" the balance, that becomes taxable income to the homeowner.
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