I have no choice, but to let it go. What other legal ramifications (other than bad credit) can happen from this? Can they take more money or anything?
2007-07-22 17:36:32 · 5 answers · asked by Ronald E 1 in Business & Finance ➔ Renting & Real Estate
The state your in will tell you what can or can't be done to you and your assets. Nevada is a deficiency judgement state. The lender(s) can come after you for all they lost.
Please read my page on foreclosures, it may help.
I've been able to keep people in their home through some of the methods mentioned on the page. I do this for a local non profit. The ones I can't save are the ones I have to sell their home to at least save the credit from a foreclosure (worse than bankrupcy when it comes to you getting another mortgage.
Good luck.
If you have more questions let me know.
2007-07-22 19:09:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The bank takes the house but depending on the amount owed, they still may hold you liable for the incurred costs such as attorneys fees etc in case the property was mortgaged more than they can get on sheriffs sale. You still may have a lien against you, and best solution is to file a bankruptcy BEFORE the foreclosure. Remember that bankruptcy stays for 2-5 years on record ( creditors look back) and foreclosure for 10 to 12 years depending on the state. it is easier to rebuild your credit after filing. Consult your attorney for further assistance.
2007-07-23 00:48:36 · answer #2 · answered by AmZ 3 · 1⤊ 0⤋
Depends on what state you are in.?
But never fret!
Call one of these agency's to Stop Foreclosure's.
They will make a deal with your mortgage company, for a lot less.
Foreclosures are up all over the country. They don't want your house back
1 888 533 8174 ext. 210 Rodney
or
1 866 389 4144 ext 322 Sam
Ps.
Bankruptcy only temporarily stops the process and stays on your credit a hellva lot longer.
2007-07-23 00:55:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They cannot take your belongings. The only way they can take anything other than the house is if you used anything for collaterol, which is very rare nowadays. You are held liable if they are unable to recoup their full mortgage due to them, make sure you hire a lawyer if you can afford to, to protect your interests.
2007-07-23 00:46:02 · answer #4 · answered by foodieNY 7 · 1⤊ 0⤋
if the amt. owed is greater than the resale value, they can seek a judgment for the difference. have u considered bankruptcy?
2007-07-23 07:50:18 · answer #5 · answered by njyogibear 7 · 0⤊ 0⤋