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Tina
Tina, Lawyer
Category: Employment Law
Satisfied Customers: 8183
Experience:  JD, BBA, recognized by ABA for excellence.
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What happened to a owner when his house is in a focloser.

Customer Question

What happened to a owner when his house is in a focloser.
Submitted: 1 year ago.
Category: Employment Law
Expert:  Dwayne B. replied 1 year ago.
Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts.
I don't understand your question, can you rephrase?
Customer: replied 1 year ago.
My Home is in focloser what happens after a focloser is he still to pay any money for the home.
Customer: replied 1 year ago.
I am i obliged there after
Expert:  Dwayne B. replied 1 year ago.
Unfortunately, Virginia is on of the states which allows for deficiency judgments in mortgages. That means that the lender can foreclose on the home, sell it at auction, and then pursue you later for the difference between what was owed and what the house sold for at auction.
Not all lenders actually do pursue the borrower for the additional amounts but the law allows them to and the only way to prevent it is through a bankruptcy.
Please ask any follow up questions in this thread.