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If you still owe money on your loan after either a short sale or a foreclosure, whether you still owe the lender that money will depend on where you live. Also, this is the type of deficiency that can be discharged in a bankruptcy if you choose not to keep your house.
However since a short sale is a negotiated agreement it is very important that the negotiations include a release of liability from the loan. If that is not included then you still owe and the bank has the right to attempt to collect the shortfall even if they have agreed to the short sale.
If your home sells at foreclosure for as much as or more than what you owe, then you will not owe money after foreclosure. You will only owe money after foreclosure if you owe more on the mortgage loan than the fair market value of the property.
While a home is pending foreclosure, the bank may agree to cut its losses. It allows the seller to make a short sale and accepts less money than the seller owes on his loan.
What If a Mortgage Company Accepts Payment After Starting a Foreclosure? Mortgage lenders are in the business of accepting your payments, not refusing them. However, after missing several payments, you may reach a point when your lender stops accepting payments, rejecting your efforts to bring the loan current.
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.
If you lose your home to foreclosure, you still might owe money to your lender.. A short sale or deed in lieu of foreclosure might also result in a deficiency.. In the state where Jonas lives, the bank may file a lawsuit after the foreclosure.
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.