Faith Posted March 6, 2008 Share Posted March 6, 2008 In light of all the foreclosed homes... do these banks go after the buyer to make them pay for them in any way? I don't hear anything about how the banks get the money. They foreclose then sell it again but do they come after the original owner to pay any difference or are they just "off the hook" now? Just wondering how all that works. Quote Link to comment Share on other sites More sharing options...
Jane in NC Posted March 6, 2008 Share Posted March 6, 2008 In light of all the foreclosed homes... do these banks go after the buyer to make them pay for them in any way? I don't hear anything about how the banks get the money. They foreclose then sell it again but do they come after the original owner to pay any difference or are they just "off the hook" now? Just wondering how all that works. Not an authority at all, but I believe that in some states the initial home owner is off the hook financially--although his credit record will stink. In other states, the home owner not only owes the difference but also the foreclosure costs. :eek: A daunting proposition for one in serious financial straits... Quote Link to comment Share on other sites More sharing options...
jail warden Posted March 6, 2008 Share Posted March 6, 2008 it's HOW you negotiate it with the bank. If you negotiate a short-sale without recourse, they are out the difference. Without that term the bank will sue you for the difference and will get it. Quote Link to comment Share on other sites More sharing options...
Sara R Posted March 7, 2008 Share Posted March 7, 2008 If you're in California and it was the original loan, foreclosures are "without recourse"--i.e. they can't collect the difference from you. If you refinanced the loan, that protection is gone. I don't know what other states' mortgage laws are. Quote Link to comment Share on other sites More sharing options...
Tarheel Heather Posted March 7, 2008 Share Posted March 7, 2008 Was a foreclosure. And it was 4 hours after closing before the bank would give us the keys! That was fun! Quote Link to comment Share on other sites More sharing options...
Elisabeth in IL Posted March 7, 2008 Share Posted March 7, 2008 it was 4 hours after closing before the bank would give us the keys! Do you know why? It seems a little strange. Quote Link to comment Share on other sites More sharing options...
Tarheel Heather Posted March 8, 2008 Share Posted March 8, 2008 Do you know why? It seems a little strange. The foreclosing bank needed to make sure that the underwriter of our loan had reviewed all paper work and that everything was there. The last time we closed it was 30 min. and we were done. Quote Link to comment Share on other sites More sharing options...
Barb_ Posted February 7, 2009 Share Posted February 7, 2009 Hi,This is Steven. I like this forum very much. And at the same time foreclosed homes topic is really very nice. And also the banks are also gives the opportunities. I don't hear anything about how the banks get the money. They foreclose then sell it again but do they come after the original owner to pay any difference or are they just "off the hook" now? are really high rates. Thank you very much for given a topic. ============================= steven7 Any information about Home Loans please visit Home Loans This wins the 'oddest spam post' award. Barb ETA...weird, just as I posted this, the post **poof** vanished into thin air. Quote Link to comment Share on other sites More sharing options...
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