Posted on: 15th Jul, 2009 04:36 pm
the attorney said as i have signed a promissory note for the amount borrowed i am liable to pay the difference with lawyer and interest charges
Manoj,
Thats correct. After foreclosure the bank can come after you for the deficient amount
Good luck
Thats correct. After foreclosure the bank can come after you for the deficient amount
Good luck
Hi Manoj,
Since you signed on the promissory note, you are responsible to repay the loan. If your house is foreclosed and there is a deficiency from the sale of the house, the lender will come after you for the deficiency. They can sue you and garnish your wages if you do not pay them the difference. However, you can negotiate with the bank and settle the debt for less than the actual amount owed.
Since you signed on the promissory note, you are responsible to repay the loan. If your house is foreclosed and there is a deficiency from the sale of the house, the lender will come after you for the deficiency. They can sue you and garnish your wages if you do not pay them the difference. However, you can negotiate with the bank and settle the debt for less than the actual amount owed.
i am self employed so in this case will they auction off the merchandise i have in the business and household things to collect the balance when i am unable to pay them
i am self employed so they can sell off my businesss merchandise and my household things