My husband had a house that is going up for auction. He owes $98,000 and the minimum that they will take is $103,500 and it is probably going to go for much higher. What do we get taxed on or what happens with the excess? The mortgage company said that the foreclosure is basically a sale but I am assuming that we don't get the extra money that they make.
2007-08-26 17:53:30 · 6 answers · asked by PinUpGal 3 in Business & Finance ➔ Renting & Real Estate
We tried to sell it but it was very badly damaged and we didn't have the 30 grand to fix it nor did anyone seem to want to buy it. After a year we couldn't afford to keep making payments on it in addition to our normal bills and rent. In good condition it was worth $170,000 in bad condition we were just trying to get the 98,000 which includes all the interest and payments from what we owe.
2007-08-27 01:46:50 · update #1
In addition to the loan and late fees , they will charge for the selling process .
If it will get more than the $98K , why didn't you guys sell it ?
Would have saved the credit report the foreclosure that will screw him for a long time .
If by some miracle they get in excess of the loan and costs then I believe , he would get the balance .
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2007-08-26 18:14:40 · answer #1 · answered by kate 7 · 0⤊ 0⤋
If the economic business enterprise took the residing house far off from you you may owe the loan stability plus all late expenses plus legal professional expenses and a good variety of different issues so it does not going be $one hundred forty yet lots larger, perhaps $160000. it could have bought on the foreclosures public sale for !60,000 and then advertised and purchased later interior the traditional industry for $196,000 so as which you're no longer owed something. you will could desire to employ a legal professional your self to study all of the actual assets rules on your state and then to pass by way of the accounting from the economic business enterprise. in the event that they bought the residing house on the foreclosures (in my state on the courthouse steps) for $196,000 and all you owed substitute into $one hundred forty,000 which includes all late expenses and such- then they could owe you $forty six,000 below my state rules. I do exactly no longer guess the legal numbers are going to be this way.
2016-11-13 11:29:01 · answer #2 · answered by tahir 4 · 0⤊ 0⤋
Your husband owes 98K but you need to add the forclosure fees, interest on the past due money, advertising, auction fees, commisions to the selling and buying agent, time going and hubby not making payments... and you want the extra money?
2007-08-26 18:17:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I think you are right Buf, I think you will not benefit at all in this. I might be wrong. I think if u filed bankruptcy and a house is sold to pay debt then i think u are entitled to any above the amount of debt.
2007-08-26 18:15:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the mortgagee company should get what its owed . Depending on your contract with them , you may be entitled to get any extra. You would need to check your loan agreement. It might be worth speaking to a lawyer about it .
2007-08-26 18:02:26 · answer #5 · answered by mark 6 · 1⤊ 0⤋
then every party gets paid in full !! everyone are happy, lenders, lawyers and agents
2007-08-26 18:08:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋