how much does a property owner owe the loan company after a home/property is foreclosed on?

Answer 1

After the foreclosure, they will sell the property. If they sell it for less than the balance that you owe them, they will want the difference from you. If they sell it for more than you owe them, they should give the difference to you.

Answer 2

The amount owed to a mortgage company during the foreclosure process depends on the stage of the lawsuit.

Foreclosures begin with a Lis Pendens or Notice of Default, depending on the state. At this time in the foreclosure process the homeowner (or borrower) will be required to pay back only the amount that is owed and any late fees.

Throughout the foreclosure process which can last 4 weeks (in a trustee state) to a year and a half (in judicial states) fees, penalties and lawyer's fees are accumulated along with the monthly mortgage payments.

By the time a foreclosure reaches the judgment phase (the time a lien amount is determined in a judicial state) many additional fees and monthly payments have accumulated.

When the property goes to auction the lien now reflects the amount owed at judgment plus any additional fees, court costs and lawyer fees that have accumulated since the judgment.
In most states the lien amount is reported in the legal notice or private based company where you are receiving your data.

When going to the auction a good tip is to take that lien amount and add an additional 10-15% which will now reflect the "upset price"- the minimum amount the bank will accept as a bid.

Answer 3

yes. you owe for the difference between what they sell it for and what you owed on it.

in my case it was sold at the sherriff's sale and i owed $32K or so. but even though they got a judgment (so they could write it off on their taxes) they never came after me for the money.