If the property goes into foreclosure, there probably will not be any equity left over. If there is equity I don't know why anyone would do a foreclosure. If you do a short sale, there again there is probably no equity and as of 2014 there will be tax consequences. If you do a loan modification, you will have to qualify for the new payment agreement. You should contact a Realtor who can work the numbers to see if there is any equity so you don't have to do any of the above. Call me i you have any questions.
Hope this information helps.
Realtor, CDPE, CRS, ABR GRI, SRES
RE/MAX Premier Properties
@William, your comment about all foreclosure websites being fakes is an untrue blanket statement. Yes there are some fraudulent sites out there but there are many that are trying to genuinely offer services to the public. The small membership fee covers the cost to continuously provide up-to-date information, something that cannot be said about Trulia and Zillow.
@Lady Miss Morin: Trulia and Zillow are constantly running behind to pick up the data. In the current market, foreclosures are a fast moving commodity. In many cases, by the time a foreclosure property can be found on Trulia or Zillow, it already has an offer or has been sold.
Your best bet it to work with a local real estate agent. You can always tell your agent about a property you found online and ask them to check it out. Then you know for sure that the data is accurate.... more