2007-03-18 15:09:29 · 11 answers · asked by TheSilence 1 in Business & Finance ➔ Renting & Real Estate
No, but if they sell the property for more than the amount you owe (on all your liens, plus costs of the sale, etc) then you'll get the excess. But if you had equity you probably wouldn't be in that situation...
2007-03-18 15:37:18 · answer #1 · answered by SndChaser 5 · 0⤊ 0⤋
No. They will take everything, to include your equity, payments and furniture if you leave it behind AND they will leave you with a bill, negative credit rating and so on.
Exception: Your house goes to the auction and a bidder buys your house for more than what you owe the bank (Opposed to what you owe on your mortgage). I say owe the bank because foreclosure is an expensive process, by time it is all said and done, you may owe the bank legal fee's, foreclosure fee's etc.
Hope this helps. If you are interested in getting rid of your house before foreclosure, e-mail me, I can help.
2007-03-18 15:16:10 · answer #2 · answered by themligroup_com 2 · 0⤊ 0⤋
Why would they? Did you live in the house during that time? Do you think you should have been able to live there (or anywhere for that matter) for free? It's not the bank's fault your home is being foreclosed on. Why should they give you back anything?
2007-03-18 15:13:04 · answer #3 · answered by Emily Dew 7 · 0⤊ 0⤋
If a bank forecloses on your home, they pay back nothing and send you a bill for any other cost incurred. If they sell the place for less than you owe on it, your still responsible for the difference including the cost of selling it...
2007-03-18 15:19:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
When the bank forecloses on your house, it is no longer yours.
When it goes to auction, the benficiary is the one putting the home up for auction.
The foreclosure process is the legal process by which your ownership in the property is legally transferred to the benficiary. He/she/it then liquidates the asset.
The answer is no. By the time it gets to auction, you don't own it.
2007-03-18 17:07:14 · answer #5 · answered by Tadow 4 · 0⤊ 0⤋
Oh, my gosh...I hope you are just asking this as a hypothetical
Absolutely not...and this will damage your credit or any chance of owning another home for years to come!
Not to mention the fines etc. you will still owe...it isn't like a walk away kind of thing, contact the bank and try some kind of negotiation
2007-03-18 15:21:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The lender will typically sell the home and if there is a net loss on the property then the lender will 1099 you for the amount of loss in which they incured. And they will write off the loss on their taxes for the year as a business expense.
2007-03-18 19:29:15 · answer #7 · answered by ondreforsure 3 · 0⤊ 0⤋
I help people in foreclosure on a daily basis. If your home sells at auction for more than what's owed, including back payments and foreclosure costs, then you get that difference back. If you end up owing them money, they will most likely 1099 what is owed. In other words, it will show up on your taxes that you received monies in that amount and you will need to pay taxes on that amount.
If you're in Southern California and need help, let me know.
Regards
2007-03-18 15:45:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
no you get a bill for what's left after they sell it at a reduced rate at auction
2007-03-18 15:12:28 · answer #9 · answered by Anonymous · 1⤊ 0⤋
um no sorry. you gotta pay the left over after auction.
2007-03-18 15:13:28 · answer #10 · answered by Anonymous · 0⤊ 0⤋