***Home Repo***?
September 26th, 2008 // 5:20 pm @ admin
Alex asked:
In the states of Nevada and Arizona, if a home is repossessed, will the bank go after your money in order to make up for the loss of a short sale? What effects will it have?
In the states of Nevada and Arizona, if a home is repossessed, will the bank go after your money in order to make up for the loss of a short sale? What effects will it have?
Post Footer automatically generated by Add Post Footer Plugin for wordpress.
Category : News
JEWEL
1 year ago
not if you had home insurance which may cover it or if they sell it and re-coop all the monies that way …but if not they usually come after you for the shortfall…..sorry
loslunas87031
1 year ago
they can themselves or sell off the outstanding balance to a collection agency who might seek court judgment. Some will just report the shortfall to the irs and absorb the loss but you have to pay income tax on what they absorb.
Here in florida most all lenders seek a judgment because they can sit on it for 20 years collecting interest with an option to renew for another 20 years. In the 40 year time span I am sure the debtor will own or find something of value they can attach and collect the judgment. Nothing is worse than when your checks start bouncing and you find out they cleaned out your checking account when you least expect it.
California is the only state that has the forgiven rule but it has many loopholes.