I agree with Derek. Talk to an attorney. Also, did you talk to them about a loan mod or short sale?

We've seen the sheriff's sale coming in at much lower than the loan amount recently. I speculate that the banks are hoping someone will buy them so they don't have to take them in to inventory and lose even more money.

Banks also might want the transaction to be arms length and they could potentially pursue you for the deficiency.

I bet a lot of people would stop paying their mortgages if they thought they could get 66% wiped out, so the bank will do what they can to prevent that.

Good luck to you.

Pam,

Depending on the circumstances, you as the homeowner may still technically owe them the difference between what the Sheriff sale price was and the amount that was owed. You should speak with a real estate attorney.

Keep us posted, and best wishes to you.


Derek Bauer
Real Estate One