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 RealEstateAnswer Your Own Question
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27222
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
Type Your Real Estate Law Question Here...
RealEstateAnswer is online now
A new question is answered every 9 seconds

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

This answer was rated:

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.

Please let me know if you have any follow up questions or need any clarification on something which I stated above, prior to rating me. Also, please remember to rate my service with 3, 4, or 5 faces/stars, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two faces/stars on the left, please STOP and reply to me via the "REPLY TO EXPERT or CONTINUE CONVERSATION "button. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.
RealEstateAnswer and 4 other Real Estate Law Specialists are ready to help you
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!

Related Real Estate Law Questions