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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: prospect of deficiency, high or low? Posted by Ward-CA- on August 09, 2001 at 1:35 PM In Reply to: please answer... ch7 bky ? more info posted by A.P. on August 09, 2001 at 8:14 AM : My question would be, do I have to pay that remaining $10,000 if I voluntarily foreclose. Thanks for the help! =•=•=•=•=•=•=•=•=•=•=•=•= AP, whether or not you might have to pay for a foreclosure auction deficiency depends on what state (6 states prohibit post sale deficiency actions) you’re located in. And in some of those states prohibiting it there are further qualifications to meet to be deficiency exempt (if loan is a purchase money loan versus a hard money loan). But after all the analyses and a finding that yes, you could be subject to a deficiency, it’s still fairly rare for a lender to pursue it. Why?? Because most people who’ve lost their property in a foreclosure are flat broke. If the own nothing and have no cash why would a lender spend more money chasing them?? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : My question would be, do I have to pay that remaining $10,000 if I voluntarily foreclose. Thanks for the help! : =•=•=•=•=•=•=•=•=•=•=•=•= : AP, whether or not you might have to pay for a foreclosure auction deficiency depends on what state (6 states prohibit post sale deficiency actions) you’re located in. And in some of those states prohibiting it there are further qualifications to meet to be deficiency exempt (if loan is a purchase money loan versus a hard money loan). : But after all the analyses and a finding that yes, you could be subject to a deficiency, it’s still fairly rare for a lender to pursue it. Why?? Because most people who’ve lost their property in a foreclosure are flat broke. If the own nothing and have no cash why would a lender spend more money chasing them?? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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