Re: foreclosure question/what happens to the money owed?
Posted by Jake on February 24, 2005 at 08:26:21:
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
In the research I have conducted it says that in many states if it is a house you live in (no rental) most of the time the house stood for the first loan. If there is a second and third lean they can come after you and attach your wages. Different states have different laws and it could be wise to ask an attorney in you state. It possibly can be found on the web but I don't know where.
