If my homes forecloses, and I owe $54,000 but the property's value is $209,000 and it sells at auction for $209,000. What happens to the difference? Who keeps the money? Please give links to where you are getting your answers.
Okay, if the money is mine, how do I get that money?????????
This was an exagerated scenario, but the price of the home was more than what was owed. The home was on the market for a year before foreclosure.
The remainder is yours, but if the property is really worth $209,000, you should be selling it yourself, rather than forcing the bank to go through the cost and hassle of foreclosure, trashing your credit rating to boot.
By the time you pay for their costs of foreclosure (and ALL costs come out before you receive a cent), and factor in what the lowering of your credit rating will cost you in the next 5-10 years, you'd have been MUCH smarter to sell yourself.
2 Responses
WHO ME
2009 May 28 1You get any money over what is owed and the cost of the foreclosure.
References :
quizzard123
2009 May 28 2The remainder is yours, but if the property is really worth $209,000, you should be selling it yourself, rather than forcing the bank to go through the cost and hassle of foreclosure, trashing your credit rating to boot.
By the time you pay for their costs of foreclosure (and ALL costs come out before you receive a cent), and factor in what the lowering of your credit rating will cost you in the next 5-10 years, you'd have been MUCH smarter to sell yourself.
References :
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