You may still owe money after a foreclosure or short sale

Short Sale May Be Better Option. If you owe more on your investment property than it is currently worth, look into the possibility of selling it via a short sale rather than letting it go into.

At this point, you may be looking at a lengthy process to get approval for a short sale from all lenders involved. understanding of what you need to do. If you’re still nervous about the job after.

These may be short. you put yourself at risk of losing your house to foreclosure or your car to repossession. Either foreclosure or repossession will do serious long-term damage to every aspect of.

Foreclosure is never a pleasant process, but it’s not as final as some homeowners may think. Many are surprised to find they still owe their bank money even after foreclosure.

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I have been doing short sales for just over 5 years as of this article, the two most resounding questions, based on the course of action as it relates to the foreclosure are as follows: 1. Will I owe the bank money after they foreclose on my on home? 2.

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With that in mind, if you’re financially struggling – or know someone who is – here are three ways people end up throwing money. times are still tough for some people, but short of dredging up.

But neither has to keep you. foreclosure proceedings. A deed-in-lieu allows the homeowner to give back the house without the foreclosure formalities. With a short sale, the lender allows the.

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.

The two big government-controlled housing finance companies, Fannie Mae and Freddie Mac, as well as other mortgage players, are increasingly pressing borrowers to pay whatever they still owe on.

If that’s not possible, you can let the foreclosure proceed, declare bankruptcy or attempt a short sale. With a short sale, you sell your home and the bank takes the money.