Upcoming Foreclosures

What happens during a Foreclosure sale?

Who can tell me what will happen in a foreclosure situation like below? What happens if I let my house go back to the bank, and the foreclosure sale doesn't bring what is owed on the house? Am I liable for anything else? I'm in danger of going into foreclosure due to a high house payment. I filed Chapter 7 almost 4 years ago and re-affirmed my house. If a foreclosure sale doesn't get what is still owed, will I have to pay anything else??

Public Comments

1. ASK THE BANK OR A REAL ESTATE ATTORNEY!!
2. If you're definitely letting your house going back to the bank, do call them up and request for a Deed-in-Lieu. All terms on how it'll move forward will be in writing; whether you owe the difference or just a small amount or you'll waived from all payment. You may be better off getting a loan modification if you still want to keep the house; or a Short Sale. Whatever you intent on doing moving fwd, I suggest you at least inquire the info from your lender first. If you want to read up on your state's foreclosure info, go to www.hud.gov or your state's website and search for "foreclosure."