What happens after your house is foreclosed on? Can the bank come after you for the difference they sell the?

Asked by Rilljay, Michigan Sun Aug 9, 2009

house for? or do you just walk away?

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Jenny A. Le, , California
Sun Aug 9, 2009
Yes, the bank could come after you for the difference. Example would be if you owed 120,000 and you sold the house for $115,000. Then technically you owe the difference of $5,000.

Generally, you could try to negotiate with the bank to "forgive" the difference. If the bank agrees, make sure you get it in writing.
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