However, if the form was filed because you haven’t made payments for three years and they haven’t tried to collect recently, then you may still owe the debt. with a clearly identifiable event – a.
A short sale is an alternative to foreclosure and may be an option if: You are ineligible to refinance or modify your mortgage; You are facing a long-term hardship; You are behind on your mortgage payments; You owe more on your home than it’s worth; You have not been able to sell your home at a price that covers what you still owe on your.
One of the most common concerns my sellers have is whether they will owe money after their short sales are closed. While Connecticut allows lenders to pursue borrowers for deficiencies when properties end up in foreclosure, short sales are a different story.
The reason is because a home mortgage short sale after filing chapter 7 bankruptcy rarely makes sense. When I ask clients why they want to short sale their house after filing bankruptcy, the response I usually get back makes clear that the debtor does not fully understand the ramifications of their bankruptcy filing and the relief it afforded.
Solution: Most foreclosure sales are still announced. the home as a short sale. That’s where the bank agrees to let the owners sell for less than what they owe on the mortgage. Solution #2: You may.
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Answer: In basic terms a deed-in-lieu of foreclosure. short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the.
It’s your money and financial future at stake. The bank may. what you owe, which could make it impossible to sell without bringing thousands of dollars in cash to the table or ruining your credit.
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If you are facing foreclosure, or have lost your home through foreclosure, you might still owe your mortgage lender money after the sale. This happens if the foreclosure sale price is less than the amount remaining on your mortgage – it’s called a "deficiency." Whether your lender can go to court and get a judgment for the deficiency, and then collect it, depends on state law.