You may still owe money after a foreclosure or short sale

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It’s your money and financial future at stake. The bank may. what you owe, which could make it impossible to sell without bringing thousands of dollars in cash to the table or ruining your credit.

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money through a short sale than a foreclosure or "REO" (pos t-foreclosure) sale. The difference between what you owe and the amount of money the lender receives from the sale can be, but is not automatically, forgiven. Q: What are the potential pitfalls of a short sale? A: After a short sale, you may still owe the lender the difference.

Sometimes a short sale is an alternative to foreclosure – a gesture by. because they generally lose more money on a foreclosure than a short sale.. credit report indicates that the lender accepted a lesser amount than was owed, are maxed out or frozen, you can probably still get a secured credit card,

Answer: ‘Foreclosure. less than what you owe on your house. If you can sell for a price close to what you owe, the lender might agree to a ‘short sale.’ However, if your home sells for less than.

 · What If I Still Owe Money After The Sale? If you owe $300,000 on your home, and your short sale netted only $275,000, then you technically still owe your mortgage company $25,000. When a lender agrees to a short sale, they may or may not forgive the deficiency debt that the sale.

Short Sale vs. Foreclosure: Do the homeowners still owe the bank money after a real estate foreclosure? They may still owe the difference as a deficiency judgment

Will I Owe Money After Foreclosure? If you are facing foreclosure, you have options. Do you want to fight the foreclosure? Avoid a possible foreclosure altogether? Do you want to walk away from the property? Or sell the property or list it for short sale? In addition to these questions, you should also ask yourself: Will I Owe Money After.

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