Do I still owe money after foreclosure?

Do I still owe money after foreclosure?

After foreclosure, you might still owe your bank some money (the deficiency), but the security (your house) is gone. So, the deficiency is now an unsecured debt.

What happens to foreclosure debt?

Foreclosure actions can wipe out some of the property owner’s debt, such as the original mortgage, home equity loans and second mortgages. If the proceeds of the foreclosure don’t cover all the costs of your second mortgage or other home equity loans, you are still obligated to pay those.

How long after foreclosure can I get an FHA loan?

three years

What is a notice of rescission foreclosure?

Rescission of a Notice of Default : When signed by the homeowners association or agent and recorded by the trustee, this document removes the effect of the previously recorded Notice of Default. Substitution of Trustee : A written document by which one trustee is appointed in place of another.

How long can you live in a house without paying mortgage?

The amount of time between the beginning of the foreclosure and the home auction vary widely from state to state. During this time you can typically stay in your home without paying the mortgage anywhere from two months to up to a year.

How accurate is Zillow pre-foreclosure?

It is inaccurate information that is simply a ploy to collect your contact info. I don’t think Zillow should post these properties as pre-foreclosures until the sheriff’s sale has actually taken place. It is very misleading. So if you see any pre-foreclosures on Zillow, remember the high chance of inaccuracy.

Why do Realtors hate Zillow?

One of the main reasons that realtors hate Zillow, is the issue of inaccurate information. And this issue also affects buyers. The more listings they have on their site than their competitors, the more realtors that they will attract. And this means more advertising money for them.

Why is Zillow pre-foreclosure?

Most often, homes listed as pre-foreclosures on Zillow are properties where the lender has initiated foreclosure proceedings because the owners are behind on their mortgage payments. It simply means they are behind on their payments. Foreclosing on a property can be a lengthy process.

Can I make an offer on a pre-foreclosure?

Making an Offer on a Pre-Foreclosure Home When you (respectfully) approach the owner of a pre-foreclosure home you can propose an amount that you’ll pay. When you’ve made your offer, the seller will most likely try to negotiate a higher price.

Do banks accept low offers on foreclosures?

When you buy a foreclosure, you should lowball the bank “ they are desperate to get these homes off their books. Many banks won’t even consider lowball offers, and many bank-owned properties actually sell for above the asking price.

Is it bad to buy a house in pre foreclosure?

Final thoughts. Buying a pre foreclosure home is a great opportunity to pay lower-than-market price for a property. You’ll also face less competition than if you were looking to buy a foreclosed property at an auction, because you’d be bidding against other investors.