i am in default for five months, what will happen to this property?

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i am in default for five months, what will happen to this property?

is my lender approve the short sale?,its been a while what they is asking for payments that we cannot afford anymore,i dont have anymore jobmy husband paycheck is just enough to get by,we usually make at least 65thousand dollars a year since i got laid off from my job we cant afford to pay the morgage.are they gonna get us out of the hook?

2007-05-13 03:45:30 · 2 answers · asked by myrna wardlow w 1 in Business & Finance ➔ Personal Finance

2 answers

The lender will eventually foreclose. He will sell the property for what he can. If you owe more than he gets for the property, you can be taken to court, and a lien placed on your husband's wages for the remainder of the money.

2007-05-13 03:54:07 · answer #1 · answered by Beau R 7 · 0⤊ 0⤋

they will sell thhe house to cover the morgage

2007-05-13 03:49:53 · answer #2 · answered by skcs11 7 · 0⤊ 0⤋