You may still owe money after a foreclosure or short sale

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Walking away from your home voluntarily, may seem like the best solution when your home is valued lower than what you owe. However, this action may lead to financial consequences in the future. In some states, you may be required to pay a portion of your mortgage debt even after the home has entered foreclosure.

Foreclosed borrowers may still be on the hook when there’s a difference between what they owe and the value of the properties they’ve given up, a growing problem.. if you are pursuing a short.

It’s not a position anyone wants to be in: struggling to pay the mortgage. Perhaps an unexpected expense came up, or you lost your job. You simply can’t make the payment one month and you slip into arrears. Your mortgage debt is secured on your home, so if you.

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 · Home Investigation peers into foreclosure problem depths.. Investigation peers into foreclosure problem depths. While narratives and reports have long chronicled foreclosure problems at. A foreclosure can be the result of losing a job, medical problems that keep you from working, too many debts or a divorce.

Moreover, any owed money after a foreclosure sale can often be eliminated through a bankruptcy, either before or after the foreclosure. If such a bankruptcy occurs, the lender will have few, if any, options for trying to collect this debt. Conclusion Although it is rare to owe money after a foreclosure sale, it is possible.

If you owe a debt (such as a mortgage loan) and the lender cancels or forgives part of that debt, the discharged amount (which you no longer owe) may still be taxable according to the IRS.Under.

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If I have to do a short sale on my home, will I have to pay the difference between the selling price & what I still owe? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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In most cases, after 90 to 150 days, your lender will file a notice of default with a local courthouse. "Lenders are becoming more aggressive today," says foreclosure. may be able to get the lender.