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You may still owe money after a foreclosure or short sale

Note that it’s possible to avoid foreclosure by performing a short sale, which allows you to sell your home for less than what you owe, or a deed in lieu of foreclosure, where you voluntarily.

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A short sale is an alternative to foreclosure and may be an option if: You are ineligible to refinance or modify your mortgage; You are facing a long-term hardship; You are behind on your mortgage payments; You owe more on your home than it’s worth; You have not been able to sell your home at a price that covers what you still owe on your.

A short sale occurs when you sell your home for less than what you still owe on your. involved may be required to complete an agreement saying that there aren’t any conflicts of interest and the.

Foreclosure is never a pleasant process, but it’s not as final as some homeowners may think. Many are surprised to find they still owe their bank money even after foreclosure.

In a short sale, you sell your home for less than you owe to avoid foreclosure, albeit under the supervision of the lender. While not the law, buyers may expect you, the home seller, to keep utilities in service during the marketing and sale process. If you can’t afford it, or move out before the short sale closes, you may shut off the utilities.

Many homeowners are surprised when they find out they can still owe money to the bank after a real estate short sale if the agreed upon price was payment of the loan in full. The homeowners may still owe the difference between the mortgage balance and the discounted short sale amount as the result of a deficiency judgment.

the lender may owe you money. We doubt the lender will owe you money in this case after you take into account costs of sale, unpaid interest, costs of foreclosure and attorneys’ fees. Foreclosure is.

After foreclosure, homes go to sheriff’s sale to satisfy the amount owed on the mortgage. Whether you still owe money after the sale depends on a few factors. Q: My house sold at Sheriff’s auction to my mortgage lender. They have recently sold it, how do I get information that my loan was covered and [.]