If a bank forcloses on us, will we be liable for the balance, since we are retired

Asked by Lucy, Las Vegas, NV Sun Sep 25, 2011

My husband became ill and we missed only half a payment on our home, but the bank is saying we owe 3 months, how can that be? We are retired and if they foreclose and our mortgage is up side down, can they force us to pay the balance on the home after they sell it?

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Scott Godzyk, Agent, Manchester, NH
Sun Sep 25, 2011
Lucy they could, your choices are first to call teh bank, ask for the home retention department, tell them the problem and ask how they can help. The other choice is hiring an attorney to protect your rights. There isnt any such thing as missing half a payment, if the fulll months payment is not paid, it doesnt count, they will take your money though and keep racking up late charges and fees.. Remember ask for the home retention department, they are different from collections. Good luck working things out
Web Reference:  http://www.ScottSellsNH.com
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Annie Torres, , Suffolk County, NY
Sun Sep 25, 2011
The right thing to do is to consult with an attorney to see what your options are. When a bank forecloses they send out a 1099 at the end of the year, it is strongly recommended for the homeowner if back up in payments not get to the point were they get foreclosed on but to act accordingly and consult a local Real Estate agent to list their property as a short sale. The bank will rather accept a short then foreclose on the property since with a foreclosure they loose more money.... your family has experienced a true hardship so i would advise to schedule an appointment with an attorney. With you the best of luck.
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