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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 19673
Experience:  B.A.; M.B.A.; J.D.
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In 2013 I decided to sell the house for $240,000 as

Customer Question

In 2013 I decided to sell the house for $240,000 as suggested by OCWEN the Debt Collector by Freddie Mac.By that time my Hazard Insurance was expected to expire 7/28/2013.I was thinking if I can sell it before, the next Hazard Insurance will be handled by the next owner. By July 21,2013 , I found a buyer for $203,000 all cash but was rejected, reoffered $210,000 again all cash but rejected as too low since they reappraised the property to $260,000 which is against the trend in the housing industry. This rejections of all the offer while the value of the property keeps on going down seems to prove they are not interest to sell but to foreclose which was granted May 26, 2015. Am I responsible for the unpaid back insurance, mortgages and penalties?
Submitted: 2 years ago.
Category: Real Estate Law
Customer: replied 2 years ago.
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Expert:  Phillips Esq. replied 2 years ago.

If they foreclosed, the lender can come after you for any deficiency—for the amount that the property was sold for less than the mortgage on the property. However, once the property is foreclosed, you are no longer responsible for the insurance and other related expenses. However, the lender can come after you for deficiency if the property sold for less than the mortgage on the property. You can wipe out the deficiency through your Chapter 7 bankruptcy.