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You may still owe money after a foreclosure or short sale

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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 owned a home that went into foreclosure and there was a forgiven deficiency (a difference between the home’s value and what you owe on it). You sold a home in a short sale where the lender.

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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.

A short sale is the sale of a property for less than what the owner still owes on the mortgage. A short sale is an alternative to foreclosure when a homeowner needs to sell and can no longer afford to make their mortgage payments. The lender agrees to accept less than the amount owed to pay off a loan now rather than taking the property back by foreclosure and trying to sell it later.

Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars – and a collection agency is coming after them to. loans left over from a.

Short sale vs. foreclosures: can we actually owe the bank money, if we foreclose? 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 may get a good deal when you buy a home via foreclosure or short sale, but it can be a complicated process.. In a short sale, the proceeds from the sale will fall short of the debt owed on the property.. to recoup its losses by selling the house for the amount still owed on the loan. Money is the tool.

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