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Posted by Jim V on August 31, 2003 at 14:44:29:
In Reply to: foreclosure questions posted by John Sturm on August 30, 2003 at 15:51:38:
: I live in Brandon Mississippi, iam swimming in debt and am to the breaking point I'm completly clueless on what would happen if my home is foreclosed on, will I owe any money like attorneys fees, will i still owe the money on the house will the bank garnish my check for any fees or will i just be able to walk away with my credit of course shot Please help any knowledge would be helpfull
To the best of my knowledge, Mississippi does allow the lender to seek a deficiency judgment after a foreclosure if the lender does not obtain a bid amount sufficient to cover the loan and foreclosure costs(attorney fees).
The lender has to seek a judgment within a year of the foreclosure, or they lose that right. Because the judgment process is separate and distinct from the foreclosure process, the lender will need to determine whether the cost of obtaining a judgment is likely to result in a possible payment.
There is no real way to predict whether a lender will seek a deficiency or not, but most lenders will be aware that if you can't afford the mortgage payments, collecting on a post-foreclosure judgment will be difficult for them. They'll also be aware that judgments can be removed through bankruptcy.
Hope that helps.
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