If the bank sells your home for 350,000, but you only owe 220,000, do you get a check for the difference?
2006-12-18 12:05:51 · 8 answers · asked by photoguy1967 3 in Business & Finance ➔ Renting & Real Estate
You would get the check for the difference BUT homes that are sold when the bank has foreclosed on the mortgage, RARELY sell with a profit. The bank is in the money business and usually sells the house for the amount of the debt. If you have a house valued at 300K and you owe the bank 220K they will liquidate the house for 220K + costs. they already have made money on it. and they want to get rid of it fast.
Check web sites on mortgage foreclosures,
2006-12-18 12:35:10 · answer #1 · answered by ? 6 · 1⤊ 0⤋
How is it that he did no longer combat the foreclosure by using purely generating the lien launch? it particularly is all he had to do. He has a sparkling identify with the lien released. they'd't foreclose in the event that they have not any lien, so the two the lien substitute into in no way certainly released and he's mendacity...or he in no way certainly wrote them a verify and...he's mendacity. This tale would not sound genuine. Or he's mendacity. My guess is...he's mendacity. If the lien substitute into bumped off, the financial business enterprise can no longer foreclose, as they have not any lien. Get it? you could no longer launch the lien and then foreclose later.
2016-10-18 11:19:40 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If the bank can get $350K on your place & you only owe $220K, why on earth would you not sell it yourself in the first place ? A bank sale would be ridiculous ! Sell it yourself, pay off the loan, avoid the bad forclosure rap on your credit report and have $140K left over !
That is 6th grade math . . . what is wrong with the picture in your scenario ? Ans: the bank selling it . . .
2006-12-18 12:11:09 · answer #3 · answered by kate 7 · 0⤊ 1⤋
Yes you do, minus whatever fees were accured during the foreclosure process. It is illegal for a company to keep funds over and above what you owe.
2006-12-18 12:09:02 · answer #4 · answered by missyhardt 4 · 0⤊ 0⤋
I am sure that they will make up a lot of fees and extra charges. But what is left you do get after like 30 days.
2006-12-18 12:09:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes. but they will subtract any interest and/or fees that you owe the lender. the fees can include all late fees applied to the payments that you didn't make, which led to the foreclosure. it will also include the fees to sell the house.
2006-12-18 12:14:45 · answer #6 · answered by loveholio 5 · 0⤊ 0⤋
not sure in seppolia but here yes,but if it sells for less you have to pay the difference unless you declare yourself bankrupt.
2006-12-18 12:10:02 · answer #7 · answered by BUSHIDO 7 · 0⤊ 0⤋
again buddy new years regulation, talk to a financial advisor!
2006-12-18 14:46:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋