Is it Better to be Foreclosured on - Loan Modification Forum

bksah2 · 10-20-2009, 12:24 PM

Hi Moe New to the site "GREAT Site" lots of info.. I have only one question and that is
If there,s no way out and you walk away from the house and the bank has to Foreclosure on your house will the bank come after you for the differance of what it was sold for and what you owed...Much like a car lots of people think that if there car is repo. that there done paying when in fact the lender will come after the differance and ever take you to court ...I dont know if the houseing is the same but it would be tearable to lose your house and still own 10,20,30,000$$$ to the bank and lawers.....THANKS

bksah2 · 10-20-2009, 12:34 PM

I am in the state of Maryland

cleach · 10-24-2009, 05:57 AM

Google Maryland Deficiency Judgments, and see what your state laws are. You need to know if Maryland is a recourse or non-recourse state. Easy to find out just by searching; it's actually here at LoanSafe somewhere.

I live in GA, and they only have 30 days from the date of the foreclosure sale to file for a deficiency judgment (what allows them to come after the remaining balance you're talking about). If they don't file within that time period, they lose their right to do that forever.

Your state is probably different, so just search it.

10-20-2009, 12:24 PM	#1 (permalink)
bksah2 Junior Member Join Date: Oct 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Is it Better to be Foreclosured on Hi Moe New to the site "GREAT Site" lots of info.. I have only one question and that is If there,s no way out and you walk away from the house and the bank has to Foreclosure on your house will the bank come after you for the differance of what it was sold for and what you owed...Much like a car lots of people think that if there car is repo. that there done paying when in fact the lender will come after the differance and ever take you to court ...I dont know if the houseing is the same but it would be tearable to lose your house and still own 10,20,30,000$$$ to the bank and lawers.....THANKS

10-20-2009, 12:34 PM	#2 (permalink)
bksah2 Junior Member Join Date: Oct 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Is it Better to be Foreclosured on I am in the state of Maryland

10-24-2009, 05:57 AM	#3 (permalink)
cleach Senior Member Join Date: Sep 2009 Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Is it Better to be Foreclosured on Google Maryland Deficiency Judgments, and see what your state laws are. You need to know if Maryland is a recourse or non-recourse state. Easy to find out just by searching; it's actually here at LoanSafe somewhere. I live in GA, and they only have 30 days from the date of the foreclosure sale to file for a deficiency judgment (what allows them to come after the remaining balance you're talking about). If they don't file within that time period, they lose their right to do that forever. Your state is probably different, so just search it.

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