What happen to a house when it is foreclosed on but sell for more than the stability?
My husband have a house to be exact going up for auction. He owes $98,000 and the minimum that they will appropriate is $103,500 and it is probably going to go for much difficult. What do we draw from tax on or what happen near the excess? The mortgage company said that the foreclosure is essentially a Dutch auction but I am assuming that we don't bring the extra money that they construct.
Answers:
In adding together to the loan and overdue fees , they will charge for the selling process .
If it will procure more than the $98K , why didn't you guys get rid of it ?
Would enjoy save the credit report the foreclosure that will screw him for a long time .
If by some miracle they seize surrounded by excess of the loan and costs afterwards I believe , he would win the set off .
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the mortgagee company should go and get what its owed . Depending on your contract beside them , you may be entitled to win any extra. You would have need of to check your loan agreement. It might be worth speaking to a legal representative give or take a few it .
then every deputation get compensated surrounded by full !! everyone are glad, lenders, lawyer and agents
I assume you are right Buf, I ponder you will not benefit at adjectives contained by this. I might be wrong. I consider if u file ruin and a house is sold to reimburse debt afterwards i deem u are entitled to any above the amount of debt.
Your husband owes 98K but you have need of to donate the forclosure fees, interest on olden times due money, exposure, auction fees, commisions to the selling and buying agent, time going and hubby not making payments... and you want the extra money?
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Answers:
In adding together to the loan and overdue fees , they will charge for the selling process .
If it will procure more than the $98K , why didn't you guys get rid of it ?
Would enjoy save the credit report the foreclosure that will screw him for a long time .
If by some miracle they seize surrounded by excess of the loan and costs afterwards I believe , he would win the set off .
<
the mortgagee company should go and get what its owed . Depending on your contract beside them , you may be entitled to win any extra. You would have need of to check your loan agreement. It might be worth speaking to a legal representative give or take a few it .
then every deputation get compensated surrounded by full !! everyone are glad, lenders, lawyer and agents
I assume you are right Buf, I ponder you will not benefit at adjectives contained by this. I might be wrong. I consider if u file ruin and a house is sold to reimburse debt afterwards i deem u are entitled to any above the amount of debt.
Your husband owes 98K but you have need of to donate the forclosure fees, interest on olden times due money, exposure, auction fees, commisions to the selling and buying agent, time going and hubby not making payments... and you want the extra money?