Posted on: 08th Oct, 2012 02:33 am
I filed bankruptcy 3 years ago. That is done. Now, due to my job situation, I won't be able to stay in my house. Selling is the first option, but my area is in a very bad market now. If I do a short sale or the house goes into foreclosure, what consequences, besides credit, does that mean for me? Could the bank come back and sue me for the existing mortgage?
In case of a short sale or a foreclosure, you will be liable for paying the deficient balance resulting from the sale of the property to the lender. The lender can come after you in order to recover the debts.
hi mormon!
welcome to forums!
it will be better if you could go for the option of deed in lieu of foreclosure in order to get rid of the property. to know all about deed in lieu of foreclosure, check out the given page: http://www.mortgagefit.com/deed-lieu.html .
feel free to ask if you've further queries.
sussane
welcome to forums!
it will be better if you could go for the option of deed in lieu of foreclosure in order to get rid of the property. to know all about deed in lieu of foreclosure, check out the given page: http://www.mortgagefit.com/deed-lieu.html .
feel free to ask if you've further queries.
sussane