Sub: #1 House Foreclosing
Replied on 09-07-2007, 03:25 PM
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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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Sub: #2
Replied on 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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Sub: #3
Replied on 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.

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Sub: #4
Replied on 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.

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Sub: #5
Replied on 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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