in california if my home is forclosed on, what are my responsibilities and/or costs?

Answer 1

There are generally no up front costs other than whatever it costs you to move out of the house.

However, YOU will be responsible for costs after the house sells. The bank forcloses and then your house will be sold by the bank for whatever they can make on it either privately or a public auction. You are then responsible for the difference. (Ex. if you owe $150,000 on the house and the bank can only sell it for $100,000 then you are responsible for the remaining $50,000) There are also foreclosure fees, repossession fees and collection fees that the bank can possibly come after you for as well.
It really depends on your company and what is in your loan contract.
It can get very expensive. The best bet is to try and sell the house first.

Good Luck!

Answer 2

You will have a foreclosure on your record. If the loans on the home are more than the value of the property, the bank can issue a 1099 or come after you for the difference. If your equity covers the foreclosure cost and there is some left over, they will send it to you.

If you're in Southern California, I specialize in foreclosures (with equity or without). I can see what options you have and if need be, can buy your house, give you some money to move and save you from having a foreclosure on your records.

I am a licensed real estate broker and a member of the National Association of Realtors, which means that I adhere to a strong code of ethics and I will put your needs first. If I take advantage of you or do not inform you of all your options, I could lose my license and be sued. Because I am a broker, I have more options and solutions available than a private investor. Contact me if you would like to discuss this further.

Good luck to you and I wish you well.

Regards,
Satar Naghshineh

[e-mail]
www.amirifinancial.com

Answer 3

It is in you hands if you let the house in foreclosure, I can give you some solutions,You can try to look for company who buy Houses as is, and sell them your house for the amount owe on the loan or mortgage and avoid foreclosure, There are people who always are looking houses to buy in a good price. Go to the phone book and look for real estate call them so they can recommend you some company, Or talk to the bank because if you have some equity in your house they could use the amount to pay some months you can not pay in your property. The foreclosure hurts your credit ,doesn't let this happen to you. If you have credits cards you can use them to pay some months of the mortgage. Just look for help, there is always somebody who can help you. It could be at the end costly if you let this happens. Wishing you, Luck!!

Answer 4

After the house sells, the bank will add the cost of forclosure and associated transfer fees to the balance on your mortgage, subtract the sales price less transfer fees and commission, and hand you a bill for the balance.

Answer 5

depends if it is sold for more then you owe in taxs/mortgage/laywer fees/ other leins then you owe nothing may even get a check however more likly
it will sell for less then you will owe the balence
my sujestion is to try to sell it before that happens

Answer 6

just your moving expenses