Foreclosure debt
Date: Mon, 07/30/2007 - 07:42
Unfortuneately i don't know much about this but if i understand
Unfortuneately i don't know much about this but if i understand correctly, yes it is true! If they sold ur house for less than u owed then u still owe the remaining balance!
But i'm not certain so someone with more knowledge will be around shortly with more answers for ya!
Welcome to the forum,
Ang
Unfortunately it is true. The same applies to a reposed car. Y
Unfortunately it is true. The same applies to a reposed car. You would be liable for the upside down difference between the sale price and the amount owed. If you are in this position you are probably uncollectible though so they will have a very hard time getting the money from you. If they took your home you probably have no other assests for them to take if they sue which only leaves wage garnishment. I would list all my debts from smallest to largest including this debt and start trying to settle them. Do your best to save around $1000 and start at the bottom. Call the creditor and offer them 10%-50% of the amount owed depending on how old the debt is. If it is outside your state SOL skip it and move to the next debt.
