Looking for an attorney in Portland Oregon to help with these and more questions concerning this issue
2007-10-25 07:42:50 · 5 answers · asked by noname0174 1 in Business & Finance ➔ Renting & Real Estate
Well the nasty little truth here is that you do still owe on it. Until it sells-you owe the monthly payment. And once it sells you will owe the difference in the sale price and the balance owed. So if the bank gets $75K and you still owed $100K-you will still owe them $25K on the house. Just "letting a home go" doesn't dissolve the issue as many folks can tell you. But for buyers-now is the time to pounce on these places. One man's loss is another's gain sorry to say. The truth is forclosure is not a simple or easy way out and the loss of the physical house is just the start of the problem. I am sorry that this wasn't explained to you in the foreclosure proceedings.
2007-10-25 08:52:32 · answer #1 · answered by VAgirl 5 · 0⤊ 0⤋
I suggest you check out the phone book for local attorneys in your area. How hard is that? Rhetorical.
2007-10-25 14:48:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They probably don't know yet - throw them away / did you file for chapter 13 /// your credit will be ruined for 7 years. This means no one will giove you a loan / credit cards. No necessarily such a bad thing.
People need to live within their means and not try to keep up with neighbors they know nothing about.
Pay cash and use credit cars for emergencies - this is my new plan and I am sticking with it.
2007-10-25 14:47:46 · answer #3 · answered by Anonymous · 0⤊ 1⤋
I believe you must still pay untill the repo co. sells it.
and then you continue to pay the difference of the loan minus the sale price.
2007-10-25 14:46:55 · answer #4 · answered by Fuzzybutt 7 · 1⤊ 0⤋
Foreclosure does not release you of the obligation. You will not be relieved util their is a buyer and the lein is paid.
2007-10-25 14:46:47 · answer #5 · answered by sunshine 3 · 1⤊ 0⤋