Posted on: 06th Aug, 2010 02:55 pm
hi, I recieved an modification offer from the bank and the payment plan looks affordable for the first ten years but it increases thereafter for another 30years. Can I foreclose in the future if I accept this modification offfer? If i foreclose, will the bank come after my other assets to cover the loss they suffered? Or will I have to pay tax on the difference of auction sale amount and loan amount? I am very confused. I cannot get a straight answer from the bank and different real estate agents are saying different things. Can anyone help me clarify this? thanks
Hi Guest,
You will be able to let the lender foreclose the property though you accept the loan modification offer now. After a foreclosure, the lender has the rights to come after you in order to recover the dues.
You will be able to let the lender foreclose the property though you accept the loan modification offer now. After a foreclosure, the lender has the rights to come after you in order to recover the dues.