what will a bank do after they repo my house?
gravilytrac asked:
recently after an illness i can no longer pay for my home,so ive moved into an apt. an am prepareing to let the bank have the house.what reprocutions will affect me other than losing my credit which is bad anyway? will they sell the house an expect me to pay the differance if it does not met the balance owed?I have no other property to lein,what about my job, how will this affect it in anyway?
December 11th, 2009 at 2:09 pm
The bank will try to sell the house at an auction. If it doesn’t meet the full amount owed then the will still try and collect that money from you. They could sue and lay claim to a certain amount of your paycheck in order to pay off the remaining balance for the house. If you are needing to get rid of your house and quickly it would be better if you could find someone, like a real estate investor, who would be willing to purchase the house from you for the remaining amount you owe on it. Usually they will work a little faster than trying to sell it to the general public and it saves you the hassle and legal trouble of forclosure
December 12th, 2009 at 3:23 pm
If they can not recoup the balance of the mortgage and the selling costs, then yes they can file a 1099 form to the IRS for the difference. Which impacts your gross income and paying taxes.
December 14th, 2009 at 8:35 pm
dont let them just take it… try to sell it first and pay the bank off. Just call a Realtor, explain the situation and tell them your bottom line. quick.
they can sue you and you dont want any more heartache right now!