What happens if you default on a mortgage and they sell your house for more than you owe?
What happens if you default on a mortgage and they sell your house for more than you owe?
Say the band sells your house for 0K, and you only have K left on the mortgage. Do you get your 0K?
Tags: mortgage
September 1st, 2010 at 9:26 pm
Yes. After all expenses, late payments, late payment fees, etc. you get what is left over.
September 1st, 2010 at 9:26 pm
You get the balance.
September 1st, 2010 at 9:26 pm
In the UK you would get the balance minus all the ludicrous fees that the bank add on.
September 1st, 2010 at 9:26 pm
the go to a strip club and party…
September 1st, 2010 at 9:26 pm
yeah why would you let the house go to foreclosure if you had that much equity??
Well you would probably get back any balance after all the fees were paid.
I found some foreclosures here that were steals