Who is responsible for what ever is left to be owed on the house that is forclsed on, the bank or the previous owner.
2007-02-18 07:01:37 · 4 answers · asked by SARA S 1 in Home & Garden ➔ Other - Home & Garden
Alot of times when the bank forcloses on a house they are the ones who end up back with it at the sale and they resell it and recoup their money that way. usually when someone is in forclosure they file bankruptcy and they cant come after them or usually when they get the point of forclosure there is a reason they got there so what can they collect from?
2007-02-18 07:05:54 · answer #1 · answered by imjustmessinround 2 · 0⤊ 0⤋
If your lucky your loan reads that foreclosure is without redemption, if it does then the owner (person losing their home) is not responsible for the remaining balance and the bank eats it, if they can't sell it for that amount.
2007-02-18 07:12:55 · answer #2 · answered by kmv 5 · 0⤊ 0⤋
Whoever initiated the mortgage: the previous owner. May not be able to collect though.
2007-02-18 07:10:52 · answer #3 · answered by flywho 5 · 0⤊ 0⤋
are you buying or are you being foreclosed on?
2007-02-18 07:05:31 · answer #4 · answered by milton b 4 · 0⤊ 0⤋