So, after you spend a lot of time filling out paperwork and explaining how you got into this financial predicament, you might be able to persuade your lender to work with you on a short sale.
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If more than 30 days have expired after the sale of the home, the application would be thrown out by the court. The trouble is, banks may hold on to the home for months or years after a foreclosure ..
There are still. way you’re going to be able to get current with your mortgage payments, you may have no choice but to give up your home. But instead of allowing it to fall into foreclosure, ask.
Contrary to popular belief, you can often stay current on your payments and still apply for a short sale. Your home sale will be handled like any other home sale, with respect and dignity. Foreclosure Benefits
Deficiency Judgments After Foreclosure in Ohio In certain circumstances in Ohio, you might owe your mortgage lender (or the subsequent owner of your loan) money after a foreclosure sale. This is because, sometimes in a foreclosure, the total debt the borrower owes to the lender exceeds the foreclosure sale price.
You will still owe the higher of. if a property is sold at foreclosure or in a short sale and the underlying mortgage is recourse (meaning the borrower has personal responsibility for any excess.
But if you complete a short sale, you might face tax consequences. What Is a short sale deficiency? In a short sale, the difference between the total mortgage debt and the sale price is the "deficiency." For example, say your lender approves a short sale in the amount of $300,000, but you owe $325,000 on the loan. The difference-$25,000.
Do You Still Owe Money After Foreclosure? Maybe. It depends on several factors. Call Ascent Law LLC (801) 676-5506 for your Free Consultation. We want to help you.
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Yes, a short sale is still possible after a sheriff’s auction because in Michigan all owners have a 6-month right of redemption (meaning that they can pay off all outstanding balances and "redeem" or reinstate their mortgage).