Foreclosure in Westbury>Question Details

Junior, Other/Just Looking in Westbury, Houston, TX

I accepted a deed in lieu of forclosure for my home, will I be liable to pay the difference of the home once it is sold for a lower price?

Asked by Junior, Westbury, Houston, TX Sun Sep 27, 2009

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Chris Tesch’s answer
Junior, it is a possibility that in either a short sale or a deed in lieu that you'll be held responsible for the difference in the selling price and your debt. Many times the lender will not come after you for the difference, however, because they realize that you have financial issues and that it would be difficult and time consuming to collect on the balance.

Here is a good web site regarding deed in lieu and some of the frequently asked questions: http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%E2%80…

Good luck!
Web Reference: http://www.ChrisTesch.com
0 votes Thank Flag Link Mon Sep 28, 2009
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