if my house was foreclosed but i was able to buy another house, what happens to the old house' balance?

Asked by Aying, Baldwin Park, CA Sun Oct 25, 2009

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Jonathan Sta…, Agent, Covina, CA
Mon Oct 26, 2009
BEWARE. Some will tell you that the balance is written off by the bank. That is not always the case. The only way to know is to have a qulified professional review all your documents. In addition to the money owed to the bank, you may also owe state and federal tax on the amount that was written off.
I hope this helps.
Jonathan Starr
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Jenny A. Le, , California
Sun Oct 25, 2009
The loan balance of the old house is a write-off to the bank, this means the bank took a loss. The bank has the right to file a lien which states you still owed the mortgage balance. The disclosure of the bank's intention/action of the old house loan balance was disclosed to you during the forclosure process.

So refer to the foreclosed documents of the old house for the answer to your question.
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