What options does the Government gives a homeowner after foreclosurer do you still have equity in it?
Friday, 20. August 2010
A home is appraised at ,500.00 dollars, and the homeowner took out an equity loan for ,100.00 dollars, and at an interest rate of 8.30 %, and if the home was foreclosed, what equity would be left in the home to help the homeowner. Does the homeowner still have some kind of compensation coming from the home, or will the homeowner still owe an amount?
Tim Says:
Blanace of loan, less all expenses of foreclosure.
If there is about $30k in equity, try a quick sale to avoid foreclosure. It will be better for your future credit.
curtisports2 Says:
The whole idea is that if you have equity in a property that you know you can’t make the payments on, you are supposed to sell it and get your equity out BEFORE it gets foreclose on. Once it’s foreclosed on, the foreclosing party owns it.
talismb Says:
Not much…foreclosure pretty much requires the house be sold, possiblely at a huge loss
TX-REInvestor Says:
You have no right to the equity AFTER foreclosure.
Once the home is foreclosed the equity is transferred to the next owner.
You can cash in on your equity BEFORE forclosure but not after. You basically lose out after foreclosure.
Real Estate Guy Says:
amazing. how do i can mine.
you LOST all "equity" in the house. If you had so much equity, you should have sold the house BEFORE!!! FC.
a f Says:
If they foreclose the house its the banks entirely with equity in it. Chances are with that amount of equity the fees shouldnt exceed the homes value so they are ok on not owing anything further.
The better bet is to get with the bank especially if they have a decent amount of equity in the home and try a short sale. The short sale saves the bank money and allows them to get the equity out so it helps everybody in the long run …