Jeffery

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I bought my house for $615,000. 80% is interest only and twenty percent is principal and interest. Now the

Asked Wed Jun 25 2008, 13:30 by Frank Villal… - San Diego - Foreclosure - 7 answers

Jeffery answered:

Yes, you are responsible for the difference if the property only sells for 475k at foreclosure. Your documents state that you have to pay back the amount you owe, not just the value of the property. It's up to the lender the extent of collections efforts they take. It disturbs me that many of you so-called "mortgage pro'" don't know this. Part of the reason with the f/c crisis now is the mis-information or the lack of information given at the time of origination. - Wed Jul 23 2008, 09:41

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