Posted on: 21st Dec, 2010 12:02 pm
Can you please explain this to me? I was told by my attorney that I needed to file bankruptcy or have the bank garnish my wages for anything they could not recover from the sale of my foreclosed home.
Q #2
If I have the money to pay the past due on my house which is in foreclosure but have already received a letter stating Statutory Power of Sale will be invoked. Can I still save my house. I live in Massachusetts. Thank you so much.
Carlos
Q #2
If I have the money to pay the past due on my house which is in foreclosure but have already received a letter stating Statutory Power of Sale will be invoked. Can I still save my house. I live in Massachusetts. Thank you so much.
Carlos
Hi cvelez,
If you're staying in a deficiency state, then the lender can come after you for the deficient amount resulting from the foreclosure sale or short sale. In those states, the lender has the rights to recover his dues in full. In such a situation, if you file bankruptcy, you can get the deficient amount discharged and the lender won't be able to come after you.
If you have the money to pay off the dues, then you will be able to save your property. You should contact your lender and pay off the past due amount in order to bring the loan current.
Thanks
If you're staying in a deficiency state, then the lender can come after you for the deficient amount resulting from the foreclosure sale or short sale. In those states, the lender has the rights to recover his dues in full. In such a situation, if you file bankruptcy, you can get the deficient amount discharged and the lender won't be able to come after you.
If you have the money to pay off the dues, then you will be able to save your property. You should contact your lender and pay off the past due amount in order to bring the loan current.
Thanks
That was helpful. Thank you. I will be saving my house. Thank God.