What exactly happens during a foreclosure?
Jun 26, 2009 in
Financial and Loan Tips
mackenzie
If I can no longer afford to pay for my house and i am close to foreclosure what can I expect? What kind of repercussions can I expect, besides the obvious hit to my credit? Will I end up oweing anyone anything afterwards?
If I can no longer afford to pay for my house and i am close to foreclosure what can I expect? What kind of repercussions can I expect, besides the obvious hit to my credit? Will I end up oweing anyone anything afterwards?
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4 comments
MadMan on June 28, 2009 at 4:56 am
In the US, no.
Mrs HarleyBrat on June 29, 2009 at 7:46 pm
In the US you will have 6-12 months (depending on the state you live in ) to live there without making payments
contact a realtor in the mean time & short sale the house – that way you won’t get the balance shoved in your face – and the realtor fees etc will all be paid by the bank since you won’t be making the payments – save up the money while you can – good luck
saved_astronaut on June 30, 2009 at 7:05 am
I saw 2 friends lose their homes, & tho I dunno ALL the story, I CAN tell what I saw. during a foreclosure, there’s a span of time B4 the sheriff comes & makes sure yer outta the home so the proper ppl can do whatever needs done B4 re-selling the home. they give U a certain time limit 2 find a place B4 the sheriff arrives 2 put u out. 1 friend moved right then but another had no place 2 go & they stayed til the sheriff came. needless 2 say they were taken in by their daughter. BOTH of these losses were due 2 job loss due 2 injury or layoff
lu_candid on June 30, 2009 at 8:00 pm
I believe only in rare occasions would you need to pay something afterward. This normally happens when you have second and third mortgages or equity loans on the property.