2007-10-30 02:57:48 · 5 answers · asked by digiwigis 2 in Business & Finance ➔ Renting & Real Estate
Yes.
But fat chance, the mortage company will usually add in penalties and legal costs until there is nothing left for you.
2007-10-30 03:01:26 · answer #1 · answered by Feeling Mutual 7 · 3⤊ 1⤋
In the EXTREMELY unlikely case that the house is sold for more than you owe you will get the difference. It is only likely in cases with substantial equity at which point you could have sold it yourself to satisfy the mortgage and keep the difference which would have been easier than letting the bank auction it off.
Obviously, if you had equity or could have re-financed, you wouldn't be in foreclosure.
good luck!
2007-10-30 12:43:47 · answer #2 · answered by Rush is a band 7 · 0⤊ 0⤋
Yes you do, the extra money goes into a trust fund held by the trustee. The lender can only keep the Mtg balance, back payments, late fees and trustee fees which will be opening bid at the auction. If no one buys it at the auction then they can sell it for what ever they want and keep it all.
2007-10-30 11:07:14 · answer #3 · answered by Leo F 4 · 0⤊ 1⤋
No, because it is no longer yours. If the person who owns it (the mortgage company in this case), sells it and makes a profit, it is theirs.
Sorry
2007-10-30 11:08:17 · answer #4 · answered by sweetsum691 5 · 0⤊ 2⤋
no. if that was the case, why not just sell your house now? http://www.choicerealestate.net/
2007-10-30 11:22:34 · answer #5 · answered by Anonymous · 0⤊ 1⤋