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 Ely Your Own Question
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 102145
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
Type Your Legal Question Here...
Ely is online now
A new question is answered every 9 seconds

I have a house that has been foreclosed on, so I think. It

Customer Question

I have a house that has been foreclosed on, so I think. It shows on my credit report but the loan company will not provide me in documentation. I was told that my account has been placed on hold and that MO is a judicial state and that is all they can tell me. In Layman terms, what does this mean?
Submitted: 1 year ago.
Category: Legal
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note:This is general information and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation.

If the home has been foreclosed upon, that means that after you stopped making payments, the lender went through a judicial action to have the home sold at auction. The highest bidder gets the home. Often, the lender themselves is the highest bidder.

They do not have to share paperwork with you. Some do, but they do not have to unless you are engaged in a legal battle with them.

If one's account has been placed on hold, this normally means that the lender simply has your account in delinquent status with no payments. The lender may be deciding whether or not to file for deficiency.

Please note: If I tell you simply what you wish to hear, this would be unfair to you. I want to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved for experts who are rude or for erroneous information. Please rate me on the quality of my information; do not punish me for my honesty.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how I get credit for my time with you. Rating my answer the bottom two faces/stars or failing to submit the rating does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith by rating me positively.

Customer: replied 1 year ago.
Will owe the lender any money once the house has been auctioned off?
Expert:  Ely replied 1 year ago.

Possibly. I hyperlinked the word "deficiency" in my original answer meaning for your to click on it. The lender has a choice to pursue for deficiency. Click HERE to learn more about this (same as the original link).

Gentle Reminder: Please, use REPLY or SEND button to keep chatting, or RATE POSITIVELY and SUBMIT your rating when we are finished. You may always ask follow ups at no charge after rating.

Expert:  Ely replied 1 year ago.

Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question. I am simply touching base. Let me know. Thanks!