You may still owe money after a foreclosure or short sale

After the short sale is completed, your lender may call you or send letters stating that you still owe money. These letters may come from an attorney’s office or a collection agency and will demand that you pay off the deficiency. Your lender or the collector may even try to intimidate you into making payments.

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After foreclosure or short sale in Georgia, Do I still owe any money? After foreclosure or short sale in Georgia, Do I still owe any money? Believe it or not the answer may be yes! Georgia is one of over 30 states that does allow the lender to collect from the home owner after a foreclosure.

For example, if you owe $500,000 to your mortgage lender and short sale the home for $450,000, your lender will report $50,000 of canceled debt on your 1099-C. Since most mortgage lenders wouldn’t agree to a short sale if the value of the home exceeds the outstanding mortgage balance, usually no capital gains issues exist.

By short sale, if you mean, you have not sold it for as much as you owe on your mortgage, then yes, you still owe the bank the money to pay off your original loan. If we could all just short sell and get free of our loans, there would be no more foreclosures!

If I have to do a short sale on my home, will I have to pay the difference between the selling price & what I still owe? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

You can sell your home after receiving a foreclosure notice as long as you find a. before closing because the buyer's money is what will cover your loan debt.. your home to the highest bidder, but you're still the legal owner until that happens .. In a short sale, you'll sell your house for less than what you owe on your loan,

Homeowners who lost property to foreclosure or short sales may still be. a lien on the foreclosed house, you may still owe them the money the lien secured.

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