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Will I owe money after a foreclosure
Questions about life after foreclosure and
whether or not you will owe any money after a
foreclosure are becoming increasingly common amongst
consumers as the record number of foreclosures continues
to rise each month. 2007 will become known as the year
of the foreclosure. There are many different factors
that will come into play as to whether you will owe
money after a foreclosure, but chances are no you will
not.
If you are facing foreclosure there is a good chance that you may end up owing your lender money after the foreclosure is complete. The laws vary from state to state so you will want to speak to a real estate attorney about your rights and possible consequences of a foreclosure. In the state of California, a variety of restrictions prevent lenders from pursuing deficiency judgments against borrowers who default on a "purchase money" mortgage. You may be able to negotiate a short sale with the lender to avoid owing money after the foreclosure. A "short sale" is when you negotiate a lower pay off amount then what the lender has actually issued. Sometimes lenders will issue a "deficency judgement" lien in your credit report for the amount that was unpaid at the end of the process. This varies from company to company. Contact a mortgage professional at 888-418-4467 to discuss which attorney would be best for their current situation. Some Lenders will issue a 1099 income statement to borrowers who are defecient in paying off their present mortgage balance.
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Information listed above is to be used for educational purposes only and is not guaranteed
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