Am I responsible to recompense my mortgage go together if the property is foreclosed?
I lost my job last year and could not afford to reward my mortgage. The property was foreclosed on by the bank within July of 2008. Just today I received a letter in the communication from the USDA Rural Development Centralized Servicing Center saying that I am responsible to pay them over $65,000, which be the balance on the property at the time of the foreclosure. Who should I contact to resolve this besides the USDA?
Answers:
Was this property in a non recourse state?
where is the property and what be the terms of the mortgage?
in most states, you are on the hook for the amount the loan owner loses on the contract -- that's the balance owed MINUS the net amount from the foreclosure Dutch auction.
However, damage to the property after it is foreclosed [all too common these days] is the responsibility of the owner at the time -- which isn't you. that's what they buy insurance for.
In other states, multiple limits on your liability may apply depending on several details which you didn't disclose. You may want the advice of an attorney. Source(s): ex-landlord
when they suction the house you have to payment the difference of the loan say you we 10,000 and they auction for 5,000 then you are obligated to repay 5,000 that is the difference
Hi wes, ,
try here
http://1centralx.co.cc/am-i-responsible-…
You owe the money, it is not their denounce you lost your job, neither do they care. You signed the file stating you owe and will pay X amount. Yes you owe it, and yes they can file suit for it and accessories wages tax returns etc.
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Answers:
Was this property in a non recourse state?
where is the property and what be the terms of the mortgage?
in most states, you are on the hook for the amount the loan owner loses on the contract -- that's the balance owed MINUS the net amount from the foreclosure Dutch auction.
However, damage to the property after it is foreclosed [all too common these days] is the responsibility of the owner at the time -- which isn't you. that's what they buy insurance for.
In other states, multiple limits on your liability may apply depending on several details which you didn't disclose. You may want the advice of an attorney. Source(s): ex-landlord
when they suction the house you have to payment the difference of the loan say you we 10,000 and they auction for 5,000 then you are obligated to repay 5,000 that is the difference
Hi wes, ,
try here
http://1centralx.co.cc/am-i-responsible-…
You owe the money, it is not their denounce you lost your job, neither do they care. You signed the file stating you owe and will pay X amount. Yes you owe it, and yes they can file suit for it and accessories wages tax returns etc.
Related Questions: