If I have a power of sale clause in my loan and the house sells for less...

W

wolfdias

New member
...than what I owe can the loan co. -? - come after me for the rest of the money owed or do they take the hit and can't sue me for the owed amount.
come after me for the rest of the money owed or do they take the hit and can't sue me for the owed amount. California
come after me for the rest of the money owed or do they take the hit and can't sue me for the owed amount. California and I live in the possible foreclosed house. My original loan says that the trustee is my mortgage co.
 
Z

zeuz

New member
It depends on state law and the type of mortgage. You'll have to check. Relevant facts include:

1. Type of property (owner-occupied vs not owner occupied)
2. Type of mortgage (purchase vs. refinance)
3. Type of foreclosure (judicial vs. trustee)
 
R

ReEnA

New member
If you sell the house for less than what you owe you need to get the OK from your bank first for the "short sale" or else you will owe them the difference.... or end up seeing your sale fall thru because your bank doesn't have to agree to take less.

You don't really own the house until it is paid off... Right now the Bank ownes it and you need to talk to the "owner" before you sell their house for less than what you owe them.
 
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