I am gong into foreclosure on my house. There were no other alternatives. Even doing a short sale would probably mean that I would owe the mortgage company the diffrence.
After a foreclosure, do you have any more obligations to the mortgage bank or you just lose the house?
2 Answers from Attorneys
There will be no obligations after a short sale...contact me and I will explain
In a short sale, the bank agrees to take the balance on the sale in full satisfaction of the mortgage.
However, in a foreclosure, the sheriff or marshal sells the house at auction. If it brings in less than the amount due on the mortgage, the bank may pursue you for the deficiency.