Comments on: What are the implications of a foreclosure? http://online-foreclosure.com/foreclosure/what-are-the-implications-of-a-foreclosure/ Stopping in your tracks Fri, 01 Jul 2011 05:34:08 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: thetoothfairyiscreepy http://online-foreclosure.com/foreclosure/what-are-the-implications-of-a-foreclosure/comment-page-1/#comment-804 thetoothfairyiscreepy Thu, 18 Feb 2010 11:20:44 +0000 http://online-foreclosure.com/foreclosure/what-are-the-implications-of-a-foreclosure/#comment-804 <a href="">Leslie</a> yes, not only do you owe the balance due on the loan, you also owe any late charges, fees, etc. associated with the foreclosure process. if the bank sells your home and the sales price doesn't cover the outstanding balance, then a deficiency lien is issued against you/your credit report. Leslie

yes, not only do you owe the balance due on the loan, you also owe any late charges, fees, etc. associated with the foreclosure process. if the bank sells your home and the sales price doesn’t cover the outstanding balance, then a deficiency lien is issued against you/your credit report.

]]> By: bostonianinmo http://online-foreclosure.com/foreclosure/what-are-the-implications-of-a-foreclosure/comment-page-1/#comment-803 bostonianinmo Thu, 18 Feb 2010 06:57:45 +0000 http://online-foreclosure.com/foreclosure/what-are-the-implications-of-a-foreclosure/#comment-803 <a href="">Serina</a> Yes, the lender can and probably will sue to cover any losses. And the IRS can tax you for the amount of the loan that is not collected. Recourse loan definition: A debt instrument wherein the lender can legally require repayment of a loan from personal funds if the collateral is not sufficient to repay the note. As opposed to a NON-RECOURSE LOAN where the lender can only obtain compensation from the collateral. Check your mortgage note. It will tell you if it is recourse or non-recourse. Most are recourse, though. Serina

Yes, the lender can and probably will sue to cover any losses. And the IRS can tax you for the amount of the loan that is not collected.

Recourse loan definition:

A debt instrument wherein the lender can legally require repayment of a loan from personal funds if the collateral is not sufficient to repay the note. As opposed to a NON-RECOURSE LOAN where the lender can only obtain compensation from the collateral.

Check your mortgage note. It will tell you if it is recourse or non-recourse. Most are recourse, though.

]]> By: applpro http://online-foreclosure.com/foreclosure/what-are-the-implications-of-a-foreclosure/comment-page-1/#comment-802 applpro Tue, 16 Feb 2010 12:15:43 +0000 http://online-foreclosure.com/foreclosure/what-are-the-implications-of-a-foreclosure/#comment-802 <a href="">Randolph</a> You signed a legal note promising to repay a certain amount. Yes, the lender can sell the property for as much as they can get & sue you for the rest. Randolph

You signed a legal note promising to repay a certain amount. Yes, the lender can sell the property for as much as they can get & sue you for the rest.

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