I currenty foreclosed on my house and was just wondering if my house does not sell for what I owe on it will I be responsible to pay back the difference? I live in MN if you need to know that. I have a 1st mortgage and a home equity credit line.
2006-10-04 10:45:15 · 6 answers · asked by jacks 1 in Business & Finance ➔ Renting & Real Estate
You will not only be responsible for anything left owing, you will owe costs incurred by the mortgage holder
2006-10-04 10:56:39 · answer #1 · answered by Anarchy99 7 · 0⤊ 0⤋
If you only received a Notice of Default, then you should sell your home before it goes into Foreclosure. Your credit would be ruined for a very long time if your house is foreclosed.
Call a realtor to have them sell it for you. Otherwise, advertise your home where you can and sell it fast. Try this new web site that is geared for Pre Foreclosure, www.BuySellListings.com. As the property owner, you can advertise your home with photos and interested buyers wil contact you directly. It's a simple registration and totally free to list your home.
Don't give up. Good luck.
2006-10-04 18:26:37 · answer #2 · answered by escpforever 2 · 0⤊ 0⤋
Did the house actually foreclose yet? If not contact your morgage company and sign a deed in lieu it wont hurt your credit as bad as a forclosure. But if the house has already been forclosed on then yes you will have to pay taxes on the outstanding balance that the morgage company was not able to make on the house to pay the loan off.
2006-10-04 17:54:39 · answer #3 · answered by Anna G 1 · 0⤊ 0⤋
Unless there was an exculpatory clause on your mortgage specifying that you wouldn't be liable for any amount not recovered in a foreclosure sale, you will be responsible for the difference. Perhaps I can help you refinance before that happens. Please feel free to email me at:
ladecee@hotmail.com
I can then forward you my other contact info. In the meantime, please feel free to check out our company website:
alternativemortgageonline.com
2006-10-04 18:28:30 · answer #4 · answered by Lade Cee 1 · 0⤊ 1⤋
In Indiana you would be responsible for the difference.
2006-10-04 17:49:03 · answer #5 · answered by lighteningbee 1 · 0⤊ 0⤋
Yes, you will owe the difference. You should have sold it yourself, you could have got more for it!
2006-10-04 17:48:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋