if my house gets foreclosed and gets sold on auction do i have to pay the money the auction is short on back?

Answer 1

Actually, my answer will differ from what was written before. If you have to pay above what is collected on your house will very much depend on your mortgage. There are recourse loans and non recourse loans. Only by taking a look at your mortgage documents will you know for sure.

Most mortgages have a lot of fine print, so you should consider paying for legal advice. It is probably not easy if you are going through foreclosure, but there are free legal clinics, that might be able to assist you. See if there is any law school in your area.
best of luck!

Answer 2

This occurs only if it is sold to a private bidder. If the winning bid does not cover all associated costs, you will be held liable for the balance and additional judgement may be placed against you. Usually it starts with a civil action then a lien is placed against something else that you may have. Like a car or another property.

If the winning bidder is the one who placed the judgement such as the 1st position lender, or the 2nd position who placed judgement to protect their lien position, then it won't matter. They will be insured and will simply stick your history with foreclosure for the next 10 years preventing you from doing just about anything at all.

The best thing to do is not allow it to get that far. Try not to incur any debt in a bid to save it and try to sell to an investor who can settle with the bank for less than owed. Especially when they see you can't pay it off. The banks will ask that you pay it off but 2 weeks on the market without buyers will soften them up.

Answer 3

Yes, a judgment will be put against you for the balance and court fees. Most sales do try to get the most on a sale as they can, if the bids are too low they will usually postpone the sale for a later date when they have more interest in the sale, at least this is what they do where I live. Make your house look as good as you can so that you will get the highest bid possible.

Answer 4

You will be held liable and responsible for any shortage which occurs, PLUS the lender's costs of processing the foreclosure action, attorney's fees, and other costs incurred during foreclosing.

Expect the lender to seek a civil judgment against you for this difference.

Answer 5

tipically it takes 6-12 months for them to take it. you would be mailed an eviction be conscious. on the day you should be out they'll come and alter all locks. in case you pass away something interior the abode that's then theirs. in the event that they sell it for greater suitable than you very own that's their income as you forfeited on your very own loan and now the abode belongs to the economic employer.