How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tina Your Own Question
Tina, Lawyer
Category: Employment Law
Satisfied Customers: 8184
Experience:  JD, BBA, recognized by ABA for excellence.
Type Your Employment Law Question Here...
Tina is online now
A new question is answered every 9 seconds

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: 2 years ago.
Category: Employment Law
Expert:  Dwayne B. replied 2 years 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 2 years ago.
My Home is in focloser what happens after a focloser is he still to pay any money for the home.
Customer: replied 2 years ago.
I am i obliged there after
Expert:  Dwayne B. replied 2 years 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.