QUESTION
If my house goes in foreclosure, will I owe any money?
Asked on Jan 20th, 2013 on Foreclosures - Pennsylvania
More details to this question:
I can't afford to make my mortgage payments anymore. If I leave it go into foreclosure, is there any money they can make us pay? I still owe 150.000, and in todays market it probably would sell for 140.000.
1 ANSWER
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You are a candidate for a "short sale." Simply stated, you sell the property and the lender accepts whatever the selling price turns out to be. This mechanism is more fully described at:
www.OrlandoForeclosureQuestions.com
Answered on Jan 20th, 2013 at 9:34 AM