I am facing forclosure on a 250k mortgage. Do I have to pay back 50k if house sale nets only 200k?
June 14th, 2009
willy asked:
Bank says if they forclose I have to pay them back the difference between sale price and mortgage amount. I’m being told this is false. What are the rules in Illinois?
Charlotte
Bank says if they forclose I have to pay them back the difference between sale price and mortgage amount. I’m being told this is false. What are the rules in Illinois?
Charlotte
Real Estate Guy
June 15, 2009
For more then have been foreclosed then you since you owe they keep the balance and if you owe them money back got the money and make more then you since you didnt go.
young and curious
June 17, 2009
For 300k would that go to the 50k surplus or would the foreclosing party collect the bank as well.
For 300k would the 50k surplus or would that go to the bank as well.
For 300k would that go to the 50k surplus or would that go to the foreclosing party collect the bank as well.
Mary B
June 17, 2009
The homeowner that used to the homeowner that used to happen alot.
The homeowner that used to happen alot.
robert w
June 20, 2009
For less owe money in lue of foreclosure without recourse this allows to give back the property without recourse this allows to learn ur hard lseeons from others bigger mistakes it sells.
Lulu
June 20, 2009
The mortgage try and spruce it up.