Posted on: 19th Jan, 2009 07:54 pm
if the bank takes the house will i have to pay the diffrence of what owed if sold for less then owed...i want to give the house back to the bank , if they dont sell it for what is owed , do i have to pay the diffrenece ?
Hi vanessaduartez,
If the lender does a deed in lieu, then you will not be liable to pay the deficient amount resulting from the sale of the property. But if the lender does a short sale, then you will be liable to pay the deficient amount. If you cannot pay, then the lender will have the right to place liens on your other properties or the lender may even garnish your wages.
Thanks
If the lender does a deed in lieu, then you will not be liable to pay the deficient amount resulting from the sale of the property. But if the lender does a short sale, then you will be liable to pay the deficient amount. If you cannot pay, then the lender will have the right to place liens on your other properties or the lender may even garnish your wages.
Thanks