What happen to the mortgage after the foreclosure?
If proceeds from the foreclosure sale is insufficient would I still owe the difference and have to salary it back?
Answers:
IF you have only one mortgage, and it is Without Recourse, consequently no, they cannot chase you for the balance you promised to pay them and hold failed to pay. Source(s): genuine estate investor
Getting a mortgage is a big deal, but can also be totally confusing. I was actually competent to do a quick search and find some great information relevant to your cross-question at this website:
http://www.mortgagerichland.com
Best of luck! Source(s): http://www.mortgagerichland.com
probably.
100% of all institutional loans [bank] allow the mound to come
after the borrower. Source(s): RE broker
well after the foreclosure the property gets to the mortgagee... and he have the soul right over the property according to the legal foreclosure .. Source(s): http://foreclosureworkouts.info/
RE Investor is correct. However, you another issue:
You will probably receive a 1099 for the amount of the deficiency. (Translation: INCOME, which get reported to the IRS, and the IRS will want it's income tax money.)
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Mortgage??
I am getting a divorce and want to know how I can put my first name on the action and mortgage?
Answers:
IF you have only one mortgage, and it is Without Recourse, consequently no, they cannot chase you for the balance you promised to pay them and hold failed to pay. Source(s): genuine estate investor
Getting a mortgage is a big deal, but can also be totally confusing. I was actually competent to do a quick search and find some great information relevant to your cross-question at this website:
http://www.mortgagerichland.com
Best of luck! Source(s): http://www.mortgagerichland.com
probably.
100% of all institutional loans [bank] allow the mound to come
after the borrower. Source(s): RE broker
well after the foreclosure the property gets to the mortgagee... and he have the soul right over the property according to the legal foreclosure .. Source(s): http://foreclosureworkouts.info/
RE Investor is correct. However, you another issue:
You will probably receive a 1099 for the amount of the deficiency. (Translation: INCOME, which get reported to the IRS, and the IRS will want it's income tax money.)
Related Questions: