Foreclosure in Shelbyville>Question Details

Nikki, Other/Just Looking in Shelbyville, IN

If your home gets foreclosed, do you owe the remaining balance after the house is sold at auction?

Asked by Nikki, Shelbyville, IN Thu Nov 13, 2008

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2
Nikki,

If your home is not already in the foreclosure process, I would recommend you get the house listed for sale and avoid being foreclosed on. Then consider doing a short sale but you'll need to be sure your lender will agree to the same. A real estate agent can help in communicating with your lender and the negotiation process. Feel free to call on me... I am local and available to help with any other questions you may have. I can be reached at lwest@callcarpenter.com

Take care and best of luck,
Linda
0 votes Thank Flag Link Thu Jan 20, 2011
Nikki,

If your home is not foreclosed then try to do a short sale rather than foreclosure. Now, to answer your question, it all depends on your state law whether that state is judicial or non-judicial state. If it's non-judicial and your loan is non-recourse (means you used your loan for purchase of your house and not anything else) then you don't owe the remaining balance after it sold in short sale. Consult with your accountant for the tax law for clear information and hire an experienced agent in short sale. Let me know if I can help you with anything further. You can reach me at blaison@blaisonsamuel.com

Good luck!

Blaison
Certified Short Sale Expert
0 votes Thank Flag Link Tue Nov 25, 2008
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