What happens when you have to forclose?
by Mortgage Rates on Tuesday, November 30th, 2010 | 2 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
They can and i`m sure will sue you for the difference from what the home is sold for. Send a letter to the bank and ask tham to lower your interest rate or they can have the house back. I bet they will lower it to 6.5% let me know how it goes..best of luck
The bank might help you lower the rate to a much lower one, you just have to call them and ask. If you foreclose, they usually will put a judgment on the current owners name for the difference (money the bank lost). This judgment will follow you until you pay it and it will attach to any property that you own, called a secured judgment.