You may still owe money after a foreclosure or short sale

The two big government-controlled housing finance companies, Fannie Mae and Freddie Mac, as well as other mortgage players, are increasingly pressing borrowers to pay whatever they still owe on.

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A short sale occurs when the bank allows a homeowner to sell a home for less than what is currently owed to the bank. For example, if you owe the bank $200,000 but sell the home for $180,000 (and can’t pay the $20,000 still owed), the sale would be considered a short sale, as the mortgage lender would be receiving less money than it is owed.

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If your home sells at foreclosure for as much as or more than what you owe, then you will not owe money after foreclosure. You will only owe money after foreclosure if you owe more on the mortgage loan than the fair market value of the property.

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Moreover, any owed money after a foreclosure sale can often be eliminated through a bankruptcy, either before or after the foreclosure. If such a bankruptcy occurs, the lender will have few, if any, options for trying to collect this debt.

Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them.

until thirty days after the sale of your home and you may request additional time from the court. You may still owe money to your lender after the sale of your home. You may be entitled to surplus money after the sale of your home. And, you may be entitled to purchase your home back at a price lower than what you owed if the lender purchased it at

 · 5 reasons a foreclosure notice doesn’t mean you’ll lose your home [ Sponsor Story ]. such as stopping or undoing a foreclosure and giving the borrower time to sell the property and agreeing to a short sale. 2.. You may still owe money on the note but you will have negotiating leverage and additional defenses to the payment of the note.

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