Re: foreclosure

Posted by steele in minnesota on September 30, 2008 at 08:16:09:

In Reply to: foreclosure posted by rhonda on September 30, 2008 at 08:05:18:

The answers to your questions are state specific. Where are you located? Some states don't allow going after the difference (statutes vary).

Also, just know that lenders typically do not go after people who don't already have money or appear to be able to pay in the next year or so. So even if they can go after someone it is not atypical for them to write off $30,000, $40,000 and more. And if they do that, they can't go after you.

Trying to collect this money is an expensive lawsuit. A good share of the time it is just not worth it to them.

Steele

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