You may still owe money after a foreclosure or short sale

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.

For people in a dire financial situation, a short sale can offer a way out. But if you have equity in your home, a short sale is not an option. Home EquityEquity is simply the difference between the value of your home and what you still owe on it. Say you have a home with a market value of $250,000, and your mortgage has a remaining balance of.

So, after you spend a lot of time filling out paperwork and explaining how you got into this financial predicament, you might be able to persuade your lender to work with you on a short sale.

If you believe you may have a legal reason to stop the foreclosure, you need to file an objection to the sale with the court. In most states, you can file objections before the foreclosure sale takes place, after the sale takes place, or before the court ratifies the sale, if the sale was improperly conducted.

When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount.

Mortgage, Bank Foreclosure, short sale.. But, depending on your hardship letter, you may still owe that money to the Bank. This new debt or deficiency will prevent you from buying another home using the bank until it is paid by you or forgiven by the bank

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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.

If your mortgage lender forgives the deficiency after a short sale, you might owe taxes on the forgiven amount because it’s considered income by the IRS. The rationale behind this is that a borrower who is relieved from the obligation to repay a debt has, in essence, received income.

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