You may still owe money after a foreclosure or short sale

Foreclosures are lender recover their money after a homeowner stops paying. But, once you file for Chapter 7 bankruptcy, the bankruptcy court will order an. Even if the debt is discharged, the lender still has the right to foreclosure. to ” short sell” (sell for a price less than the debt owed), and receives the sale proceeds.

The money you owe can factor into whether a bank will even agree to allow you to do a short sale. If the amount of your overdue is large, your chances of qualifying for a short sale are pretty remote.

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Knowing whether your money is safe after foreclosure.. before foreclosure. Even look into a short sale if the property value is less than what you owe. While your credit score could still take.

Freddie Mac and Fannie Mae require at least a two-year wait, possibly four years without extenuating circumstances, compared to three or seven years for a foreclosure. Another plus to a short sale is that you might be able to avoid a deficiency judgment, where the lender can come after you for the shortfall between the sales price and loan balance.

Short sale vs. foreclosures: can we actually owe the bank money, if we foreclose? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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Short sales allow people to sell their homes for less then they owe on their mortgage to avoid foreclosure. In Arizona, though, some former homeowners are finding they are still in debt to their.

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After foreclosure or short sale in Georgia, Do I still owe any money? After foreclosure or short sale in Georgia, Do I still owe any money? Believe it or not the answer may be yes! Georgia is one of over 30 states that does allow the lender to collect from the home owner after a foreclosure.

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Always ask for a waiver of deficiency from the Lender. Avoid Rescue Scams: Don' t give someone money who says they can prevent a foreclosure or help you. Don't sign paperwork you aren't familiar with or sign a deed over to someone who. Up until the Sheriff Sale has occurred, the homeowner may still submit a loss.