If I can no longer afford my recreational property payments , and the bank forecloses what will be my resposibility at the end of the day?
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If I can no longer afford my recreational property payments , and the bank forecloses what will be my resposibility at the end of the day?
Apprx. 60 acres with a couple of old mobile homes on it , been trying to sell and can’t my note is apprx 1000.00 , I havn’t worked since 2016 and my wife just got layed off in Dec.2017, we done everything we can as far as money were just simply out ,especially with the taxes and utilities every month.
Asked on February 26, 2018 under Real Estate Law, Ohio
Answers:
Eric Olsen / HELPS Nonprofit Law Firm
Answered 6 years ago | Contributor
A deficiency is possible but highly unlikely. Also you have nothing right now a creditor could get. Many states have restrictions on obtaining a defiiciency.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
In your state, a lender or mortgagee can get a "deficiency judgment" against the borrowers, holding them liable for any amounts not paid off by the foreclosure sale. So say (for example) that the remaining balance on the loan is $500,000 and it sells at foreclosure auction (after being foreclosed upon) for $350,000; you would still e liable for the remaining $150,000.
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