Posted on: 04th Nov, 2008 02:15 am
I HAVE A HOUSE IN A STATE WHICH I USED TO LIVE AT ,TRIED TO SELL MY HOUSE FOR 2 YEARS COULD NOT SELL AND COULD NOT AFFORD TO STAY . A RELATOR TOLD ME ABOUT A QUICK SALE, I DID NOT HAVE TO PAY MORTAGE AND MY TAXES, AND I COULD MOVE WHICH I DID TO ANOTHER STATE. I HAD SOMEONE WHO WANTED TO BUY MY HOUSE AND
MY MORTAGE COMPANY WITH THE FIRST HOUSE TOLD THEM NO THEY WANTED 6000 MORE SO I LOST THAT BUYER. NOW THAT BANK HAS ME IN
FORCLOSURE AND THERE AUTIONING OFF MY HOUSE FOR LESS THAN WHAT I WAS ASKING , NOW THEY ARE GOING TO LOSE MONEY, THERE NOT SO SMART. MY QUESTION IS CAN THEY TAKE MY NEW HOUSE AWAY
FROM ME AND IM IN THE STREET.
MY MORTAGE COMPANY WITH THE FIRST HOUSE TOLD THEM NO THEY WANTED 6000 MORE SO I LOST THAT BUYER. NOW THAT BANK HAS ME IN
FORCLOSURE AND THERE AUTIONING OFF MY HOUSE FOR LESS THAN WHAT I WAS ASKING , NOW THEY ARE GOING TO LOSE MONEY, THERE NOT SO SMART. MY QUESTION IS CAN THEY TAKE MY NEW HOUSE AWAY
FROM ME AND IM IN THE STREET.
Hi,
Welcome to the forums.
I guess your realtor hasn't given you the correct information or may be he hasn't dealt with your situation responsibly. It looks like the market in your area is pretty bad, which is why the home sale price isn't enough to cover the unpaid mortgage balance.
As far as the first mortgage company is concerned, I guess they cannot take away your new house. But they can place a lien on the home provided the state where you have relocated approves the foreclosure that you've been though on your previous property.
Take Care
Welcome to the forums.
I guess your realtor hasn't given you the correct information or may be he hasn't dealt with your situation responsibly. It looks like the market in your area is pretty bad, which is why the home sale price isn't enough to cover the unpaid mortgage balance.
As far as the first mortgage company is concerned, I guess they cannot take away your new house. But they can place a lien on the home provided the state where you have relocated approves the foreclosure that you've been though on your previous property.
Take Care
Hi angry!
Welcome to forums!
As the realtor is selling off your home, they will try to recover the debts from your the sale amounts. However if there is a deficient amount from the sale proceeds, then they may place a lien on the other properties you own. If you do not have a property, then they may garnish your wages.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As the realtor is selling off your home, they will try to recover the debts from your the sale amounts. However if there is a deficient amount from the sale proceeds, then they may place a lien on the other properties you own. If you do not have a property, then they may garnish your wages.
Feel free to ask if you have further queries.
Sussane
sussane, please read the original post. there is a foreclosure action pending, and the home is not being sold by a realtor.
sara's post is pretty clear, as well. she stated that any potential lien agains the original poster is going to be subject to the laws of the state in which the original poster now lives.
my suspicion is that the lender will eat its losses and move on without pestering you again, angry
sara's post is pretty clear, as well. she stated that any potential lien agains the original poster is going to be subject to the laws of the state in which the original poster now lives.
my suspicion is that the lender will eat its losses and move on without pestering you again, angry
My situation is identical to "Angry"; we are in the midst of a short-sale application. If the short sale is not approved and my home goes into foreclosure, can they take my new home which is a mobile home? My mobile home is paid in full. I live in a mobile home park and pay lot rent only. Can they take my 2005 auto which is paid in full? Help,.. thanks....
Hi Frightened,
If the property goes into foreclosure, then the lender can demand the deficient amount resulting from the sale of the property from you. If you are unable to pay the deficient amount, then the lender may place liens on your home or on your auto.
Thanks
If the property goes into foreclosure, then the lender can demand the deficient amount resulting from the sale of the property from you. If you are unable to pay the deficient amount, then the lender may place liens on your home or on your auto.
Thanks