Moreover, any owed money after a foreclosure sale can often be eliminated through a bankruptcy, either before or after the foreclosure. If such a bankruptcy occurs, the lender will have few, if any, options for trying to collect this debt. Conclusion Although it is rare to owe money after a foreclosure sale, it is possible.
· The NOD tells you that you have 90 days to get current on your mortgage. If you don’t, the lender may cause a Notice of Trustee’s Sale, (NOS) to be recorded after the NOD has expired. The NOS may set a foreclosure sale date no sooner than 20 days after publication of the NOS. Hence, it all adds up to a minimum of 111 days.
Will I Owe Any Money After a Short Sale? [May 8, 2009.] Many homeowners have turned to short sales to get out from under crushing mortgage debt and avoid foreclosure. But some people who’ve sold their home this way have found themselves still on the hook for some of the money they thought they no longer owed, according to the Wall Street Journal.
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The equity line holder may decide not to approve the short sale, opting instead to allow foreclosure to proceed and then sue you for the full amount you owe. After the title report, the next step will be to set a sale price based on market values, then solicit and review offers from potential buyers just as you would for any property sale.
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Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up their hands and let the bank take the home, that might not be the wisest thing to do.
· After a foreclosure, you must wait seven years (three years if you can prove extenuating circumstances) before you are eligible for a new loan. After a short sale, you must wait only four years (two with extenuating circumstances).
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Solution: Most foreclosure sales are still announced. the home as a short sale. That’s where the bank agrees to let the owners sell for less than what they owe on the mortgage. Solution #2: You may.