You might still owe money to the lender after an Illinois foreclosure. By Amy Loftsgordon, If the borrower redeems the property after the foreclosure sale, the short sale agreement must expressly state that the lender gives up its rights to the difference between the short sale.
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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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Many homeowners are surprised when they find out they can still owe money to the bank after a real estate short sale if the agreed upon price was payment of the loan in full. The homeowners may still owe the difference between the mortgage balance and the discounted short sale amount as the result of a deficiency judgment.
They may do this in a foreclosure auction if they can find buyers, or they may list the home with a real estate agent. In either case, the lender sets a price for the home that is equal to the amount they need to recoup on the loan. So, if you owe $100,000 on the mortgage, usually the bank will start the bidding for the house at $100,000 or more.
Article discussing the difference between short sale and foreclosure sale. After foreclosure, however, you may have to wait 5 years before you can buy again.. If you still owe money on your loan after either a short sale or a.
Short Sale vs. Foreclosure: Do the homeowners still owe the bank money after a real estate foreclosure? They may still owe the difference as a deficiency judgment
After. return, you could use money from your 401(k) to buy it or pay for renovations, then use the proceeds from the sale to pay back what you borrowed. If you’ve been saving steadily over the.
money through a short sale than a foreclosure or "REO" (pos t-foreclosure) sale. The difference between what you owe and the amount of money the lender receives from the sale can be, but is not automatically, forgiven. Q: What are the potential pitfalls of a short sale? A: After a short sale, you may still owe the lender the difference.