Re: foreclosure question/what happens to the money owed?

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Posted by Ray on February 23, 2005 at 14:54:44:

In Reply to: foreclosure question/what happens to the money owed? posted by chris from memphis on February 23, 2005 at 13:20:42:

: hi, i am getting close to having my house foreclosed on. if it sells for only half the loan, then who is responsible for the remainder, me? does the lender sue me and make me pay it?, thanks, chris

Yes in a lot of cases. They sue and garnish wages.
There are cases that are under the old FHA insured loans that the insurance from FHA paid it off.

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Comments:
: : hi, i am getting close to having my house foreclosed on. if it sells for only half the loan, then who is responsible for the remainder, me? does the lender sue me and make me pay it?, thanks, chris

: Yes in a lot of cases.  They sue and garnish wages.
: There are cases that are under the old FHA insured loans that the insurance from FHA paid it off.


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