http://www.sellmyhousefaster.org.uk/house-repossession/what-will-happen-at-my-home-foreclosure-court-hearing.html We will buy your house Faster! Fri, 16 Jul 2010 13:05:40 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://www.sellmyhousefaster.org.uk/house-repossession/what-will-happen-at-my-home-foreclosure-court-hearing.html/comment-page-1#comment-918 Steve D Wed, 30 Jun 2010 01:47:22 +0000 http://www.sellmyhousefaster.org.uk/house-repossession/what-will-happen-at-my-home-foreclosure-court-hearing.html#comment-918 They can't go after your money until they foreclose and sell your house. The house is what secured the mortgage and they need to take possession of it and sell it to see if the sale will cover the balance. If the sale covers the mortgage balance (plus fees) you get back the difference. However, if the sale does not cover the mortgage balance (plus fees), then you owe the difference. With the exception of some mortgages in California, the bank can legally come after you for the difference, but in the majority of cases, they write off the difference as a charge off and let it go. They can’t go after your money until they foreclose and sell your house. The house is what secured the mortgage and they need to take possession of it and sell it to see if the sale will cover the balance. If the sale covers the mortgage balance (plus fees) you get back the difference. However, if the sale does not cover the mortgage balance (plus fees), then you owe the difference. With the exception of some mortgages in California, the bank can legally come after you for the difference, but in the majority of cases, they write off the difference as a charge off and let it go.

]]>