What financial responsibilities do I have when my house is foreclosed on? 7 Answers as of August 15, 2012

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Austin Hirschhorn, P.C.
Austin Hirschhorn, P.C. | Austin Hirschhorn
You have the responsibility to pay the mortgage note and perform the obligations you agreed to perform in the mortgage which you signed. I assume that you are unable to pay the mortgage note and do the other things you agreed to do in connection with the mortgage. If there is equity in the home, you could try to sell it. You might want to see if the mortgage company would take a deed in lieu of foreclosure from you and any other mortgagor of the property. There are a lot of clinics available that assist people with foreclosure issues and you might want to talk with one of them to get a better idea of what you can do. You could also consult with an attorney to determine what possible remedies are available to you.
Answer Applies to: Michigan
Replied: 8/15/2012
Victor Varga | Victor Varga
What do you mean? You will be responsible for all costs, expenses, interest, attorney fees, and any deficiency balance.
Answer Applies to: Maryland
Replied: 8/15/2012
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
The bank can go after you for a deficiency judgment for the difference of the money you owe and the amount of the sale of the property. You can file a bankruptcy to eliminate that liability.
Answer Applies to: New York
Replied: 8/15/2012
Law Office of Bijal Jani | Bijal Jani
Your rights and responsibilities vary depending on what state your house is located in, but generally you can be held responsible for the judgment on the unpaid mortgage. Best advice is to consult with an experienced attorney who can negotiate with the lender on your behalf and avoid having any deficiency judgments taken out against you.
Answer Applies to: New York
Replied: 8/15/2012
R. Jason de Groot, P.A
R. Jason de Groot, P.A | R. Jason de Groot
When your house is foreclosed upon, the financial responsibility is primarily to the mortgage company for all amounts that might arise due to the default, as outlined in the mortgage. Read it.

If you cannot find it in your own papers it was attached to the foreclosure complaint. Basically, attorney's fees, court costs, late fees, interest, and any deficiency are what you are responsible for.
Answer Applies to: Florida
Replied: 8/15/2012
    Gordon F. Gault PC | Gordon F Gault
    You could be sued for a deficiency judgment for the difference between the mortgage balance and the sale price at the foreclosure sale.
    Answer Applies to: Illinois
    Replied: 8/14/2012
    Law Office of D.L. Drain, P.A.
    Law Office of D.L. Drain, P.A. | Diane L. Drain
    It depends on the state where your property is located and the type of debt - purchase money vs non-purchase money.
    Answer Applies to: Arizona
    Replied: 8/14/2012
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