Florida Loan Modifications has been serving families like yourself for more than 25 years. We serve loan modifications to clients locally here in Florida and Nationwide. Please use this site as a resource to learn more about loan modifications and how they can help your family save your home from foreclosure.
If you have a home that is going to be foreclosed, you may be at risk of the bank putting a lien or seizing your home or other assets, whether or not it is your primary home or not.
If you have an investment home that may go into foreclosure, due to failure to pay your mortgage perhaps because you were laid off, the bank is going to come after your primary residence. Even though it’s an investment property for you, the bank does not care.
After Foreclosure You Could Still Owe More
When a home is foreclosed, it means you did not pay off your mortgage and the bank needs to recoup their investment on you. So if there is a remaining balance after your home is sold at auction, the remaining amount between the mortgage value and the price your home sold for will be applied to your estate.
For example, if you have a $200,000 mortgage, and your house sells at auction for $150,000, there will be $50,000 that you still owe the bank.
This $50,000 is a fee you owe the bank, and they will collect money from you no matter what. So if you own your car, the bank will put a tax lien on it or will repossess your car to meet your $50,000 obligation. The bank will also attempt to get the money out of your current home by putting a tax lien on your primary residence.
How To Get Rid Of All Foreclosure Debt
If you have your investment home foreclosed, and have a balance remaining that you owe to the bank, the only way to completely forgive the debt is to declare bankruptcy. So if you have an investment property, and don’t plan on being able to pay the mortgage, you have to be careful because your primary residence could be foreclosed next.
