Posted on: 02nd Mar, 2010 03:31 pm
I'm currently facing foreclosure in 30 days, but need to make sure the Lender won't come after me for the deficency. How do i go about this, since the lender are not very helpful, i have tried short sale, they reject the buyer's offer, i also ask for Deed in Lieu, they won't accept, because it's less than 45 days to Foreclosure. Please advice.
Thank you in advance.
Thank you in advance.
Hi Larry,
If the property goes into foreclosure, you would be liable for the deficient amount resulting from the sale of the property. Generally lenders don't forgive the deficient amount resulting from the sale. It would be completely your lender's discretion whether or he would pay heed to your request and forgive the dues.
Thanks
If the property goes into foreclosure, you would be liable for the deficient amount resulting from the sale of the property. Generally lenders don't forgive the deficient amount resulting from the sale. It would be completely your lender's discretion whether or he would pay heed to your request and forgive the dues.
Thanks
Hi Larry,
I agree with jameshogg. It is solely your creditor's decision whether or not he will forgive you the dues, that is the deficit amount. You can try by sending him a letter attaching a copy of your monthly income and expenditure.
Hope that this works out.
Thanks,
Lydia
I agree with jameshogg. It is solely your creditor's decision whether or not he will forgive you the dues, that is the deficit amount. You can try by sending him a letter attaching a copy of your monthly income and expenditure.
Hope that this works out.
Thanks,
Lydia
Larry check the state law to see if they can come after you
Not all states allow this
A lot of lenders give a payment plan for the judgement
Not all states allow this
A lot of lenders give a payment plan for the judgement
