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LegalKnowledge, Attorney
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My home was foreclosed on in November, 2012. The value of

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My home was foreclosed on in November, 2012. The value of the home at the time was lower than the mortgage payments that I then owed. I have not heard a word from the foreclosure representatives about whether I am in debt to them. In the meantime, the value of the home has risen and the home is on the market for about 20,000.00 more than I still owed. Do I need to worry about someone coming after me for money?
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good morning. I certainly understand the situation and your concern. The lender does have a legal right to come after you for any deficiency owed but if they did not do so at the time of foreclosure and 8 months has passed since, they may not be inclined to do so. The reason being, is that it takes time, effort and money and the judgment is only as good as their ability to collect. Moreover, if the bank took the home back and still owns it and there is equity in it, they may be satisfied on the profits which they will make, which will offset what would have previously been a lost, since it sold for less then what is owed. The fact that the value of home today is more then what is owed is not relevant to your situation but the lender may consider that when deciding to pursue any deficiency.

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I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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