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#1
09-07-2007, 03:25 PM
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House Foreclosing
Is getting your house foreclosed on like getting your car repoed? Once they resell it they come after you for the balanced owed?
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#2
09-07-2007, 03:36 PM
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The answer to both the questions is Yes. It's a negative remark on the credit file for seven years. Even after the personal property is auctioned, you are liable to pay the outstanding balance after the sale. The debt turns out to be unsecured and hence SOL will apply.
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#3
09-07-2007, 06:25 PM
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Yes, it is the same. The mortgage company can come after you for the balance owed if the house does not sell for the amount you owed. Which in these days, is a very real possibility.
__________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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#4
09-07-2007, 06:31 PM
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I predicted this trend several years ago, when sub-prime and "interest only" mortgages were all the rage in California. We're only just now seeing the tip of the iceberg unfortunately.
__________________
He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949) The science is in knowing, the art is in perceiving - Robert Fripp (1946-) Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)
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#5
09-10-2007, 02:40 PM
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I think so too. I think this is just the beginning of a very bad time. My husband and I have decided that no matter what we cannot pay, the mortgage will get paid. First, every month.
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