Re: foreclosure questions

Posted by EWARD DANO on September 27, 2003 at 22:02:17:

In Reply to: Re: foreclosure questions posted by Jim V on August 31, 2003 at 14:44:29:

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.
HELLO WE ARE IN THE PROCESS OF A FORECLOSURE.WE D0NT KNOW WHATS GOING TO HAPPEN NEXT. WE ALREADY FILE FOR BANKRUPTCY.WE LIKE TO KNOW HOW MUCH TIME WE WILL HAVE BEFORE WE MOVE OUT.WE HAVE NOT GONE TO COURT YET.ALL WE DONE WAS FILE AN ANSWER TO THE COMPLAINT.DONT EVEN KNOW WHAT THAT MEANS.SAVING THE HOUSE IS OUT OF THE QUESTION.THANK YOU

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: 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. 


: HELLO WE ARE IN THE PROCESS OF A FORECLOSURE.WE D0NT KNOW WHATS GOING TO HAPPEN NEXT. WE ALREADY FILE FOR BANKRUPTCY.WE LIKE TO KNOW HOW MUCH TIME WE WILL HAVE BEFORE WE MOVE OUT.WE HAVE NOT GONE TO COURT YET.ALL WE DONE WAS FILE AN ANSWER TO THE COMPLAINT.DONT EVEN KNOW WHAT THAT MEANS.SAVING THE HOUSE IS OUT OF THE QUESTION.THANK YOU








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