Once the lender took title to property you get zero even if they can sell it for more than loan. It was their house at that point. You can bet they sold it after expenses for less than you owed. Their costs to sell the home were far in excess of $12,000. I think legally they can come after you for the differnece, but that is very unusual. They sure cannot come after you for your entire loan balance.
by David Z - 14 hours ago
In a foreclosure you forfit all rights to the property or any equity in the property.
by physicist - 14 hours ago
glad you got an answer from the attorney.
by DeeDee - 14 hours ago
We had perfect credit before my husband lost his job, while I was pregnant. We had to move to a different state for a job and were forced to let the house go into foreclosure. We had to file for bankruptcy in order to keep from paying a "deficiency judgment". I can't imagine being forced to still pay off the loan! Good luck.
by Olivia - 14 hours ago
Your additional details section is all wrong. But that is not the case here. Maybe you think they sold it for $12K more than you owed, but as has already been pointed out here there are a LOT of expenses involved in processing a foreclosure. What exactly are they saying you owe? Not the amount of the full mortgage, I'm sure.
by HEATHER - 14 hours ago
There are 2 transactions here. 1. the bank foreclosed, which means they became the owner of the house. At this point, almost all the time there is going to be a loss for the bank. They would never take it back for more then you owe. Plus you have late payments, late fees and lawyer fees AND the amount of the loan. This is what you owe the bank. 2. Now the bank is the actual owner of the property. What ever they sell it for, profit or loss doesn't effect you. TALK WITH A LAWYER.
by Real Estate Guy - 14 hours ago
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