What are the fees for which I am responsible if the property goes through foreclosure? 7 Answers as of April 08, 2011

For which of the fees (attorneys' etc.) am I responsible if the property goes through foreclosure?

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Benson Law Firm
Benson Law Firm | David Benson
Generally speaking, you are responsible for all reasonable fees and costs delineated in the documents you signed at the time of closing when you purchased the property. In filing bankruptcy, you may be able to discharge some or all of these obligations.
Answer Applies to: Ohio
Replied: 4/8/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
If it was a recourse loan (meaning your are responsible for the deficiency) you are then responsible for the fees. The fees are different in every state. In California they are set by statute. It is based on a percentage of the loan foreclosed upon.
Answer Applies to: California
Replied: 4/7/2011
Ferguson & Ferguson
Ferguson & Ferguson | Randy W. Ferguson
It depends on the paperwork you signed. It is a contract between you and the mortgage company. You are also responsible for the mortgage unless you go bankrupt or they forgive the debt.
Answer Applies to: Alabama
Replied: 4/7/2011
The Doan Law Firm
The Doan Law Firm | Shawn Doan
The security instrument you signed giving the lender the "power of sale" will set forth these fees under the default paragraph(s). In California it is called a Deed of Trust.
Answer Applies to: California
Replied: 4/7/2011
The Davies Law Firm, P.A.
The Davies Law Firm, P.A. | Robert F. Davies, Esq.
You are at risk for lots of fees. I suggest you contact an attorney, get some advice and see what you can do to avoid the worst result. Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the telephone call and no charge for the first office visit.
Answer Applies to: New Jersey
Replied: 4/7/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    You are not personally responsible for any debts related to foreclosure if your home is sold at a trustee's sale in California. If you have a second loan then you might be liable for the debts related to the second loan after the foreclosure. There are exceptions but generally the second loan becomes a personal loan debt after the foreclosure by the holder of the first mortgage.
    Answer Applies to: California
    Replied: 4/7/2011
    Mercado & Hartung, PLLC
    Mercado & Hartung, PLLC | Christopher J. Mercado
    You will likely be responsible for all attorney fees per your mortgage agreement.
    Answer Applies to: Washington
    Replied: 4/7/2011
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