You may still owe money after a foreclosure or short sale

You may still owe money after a foreclosure or short sale

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Borrowers who still owe money to their lenders after their homes are foreclosed and sold owe a "deficiency." The deficiency is the difference between the borrower’s debt to the lender and.

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Contrary to popular belief, you can often stay current on your payments and still apply for a short sale. Your home sale will be handled like any other home sale, with respect and dignity. Foreclosure Benefits

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This may be in the form of outstanding homeowner association fees, back taxes or a contribution to the loss. Many states have regulations preventing lenders from pursuing a full deficiency judgment against an owner with an outstanding balance. You may owe taxes on the outstanding balance, however.

So, after you spend a lot of time filling out paperwork and explaining how you got into this financial predicament, you might be able to persuade your lender to work with you on a short sale.

After foreclosure, homes go to sheriff’s sale to satisfy the amount owed on the mortgage. Whether you still owe money after the sale depends on a few factors. Q: My house sold at Sheriff’s auction to my mortgage lender. They have recently sold it, how do I get information that my loan was covered and [.]

A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later.

When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount.

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If your mortgage lender forgives the deficiency after a short sale, you might owe taxes on the forgiven amount because it’s considered income by the IRS. The rationale behind this is that a borrower who is relieved from the obligation to repay a debt has, in essence, received income.

New owners take the keys after a sheriff’s sale. This sale is normally the last step in a judicially ordered property foreclosure, but even after the sale, a homeowner still has certain rights to.

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