if my house was foreclosed but i was able to buy another house, what happens to the old house' balance?

Aying
Home Buyer
Baldwin Park, CA

Answers (2)
Jonathan Starr
Agent
Covina, CA

BEWARE. Some will tell you that the balance is written off by the bank. That is not always the case. The only way to know is to have a qulified professional review all your documents. In addition to the money owed to the bank, you may also owe state and federal tax on the amount that was written off.
I hope this helps.
Jonathan Starr

Mon Oct 26 2009, 06:24
Jenny A. Le
Agent
California
FIRST ANSWER

The loan balance of the old house is a write-off to the bank, this means the bank took a loss. The bank has the right to file a lien which states you still owed the mortgage balance. The disclosure of the bank's intention/action of the old house loan balance was disclosed to you during the forclosure process.

So refer to the foreclosed documents of the old house for the answer to your question.

Sun Oct 25 2009, 21:15

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