what happens to your house when it gets reposed?
do you still owe the outstanding debt?
Related posts:
what happens in house repossession?
This entry was posted in Questions & Answers and tagged Happens, House, Repossession. Bookmark the permalink.
Sometimes, depends on the company My mother had a forclosure about 5 years ago. After forclosure they sold the house to another bank, but they didnt sale it for the price they wanted it so they tried to tell my mother she owed the the rest of the 20,000 but she ignored them. Never heard from them again. Honestly I dont think so on the outstanding debt but either way its going on your credit report
sometimes
if the value of the repossessed house doesn’t cover the debt, probably you’ll have to pay the difference
it depends on your state and the language of the lending agreement that you signed. in most cases, the bank would take the home and then sell it. the amount that they get in the sale will most likely be less than what was owed on the mortgage. they will then go after the former owners in court for the deficiency. if a judgment is awarded by the judge…than (depending on your state), they can garnish your wages, levi your bank accounts, put a lien on other assets (ie other homes).