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Foreclosure Ccl471 05/10/05
    What happens when you lose your house because of foreclosure? Do you lose all the money you have paid into the mortgage up to that point or do you get that money refunded to you?


    Many thanks,

    C.L.

      Clarification/Follow-up by tarot10 on 05/24/05 5:56 am:
      If you put your house up for sale with a real estate agent, don't let the real estate agent know you're selling it because you're afraid of foreclosure (maybe unless you are desperate) because they also can find the lowest bidder to sell it to. In my experience real estate agents want to know why you want to sell. They may be wanting to know how desperate you are to sell it.

      Maybe you can sell it to a relative who can later owe you a favor if they are ever in a bind themselves. Or to a relative who can make the payments and sell it back to you later when you can afford to make the payments. Make a contract with them that they are too sell it back to you so you can continue making the payments.

      If possible look into refinancing to lower your mortage payment wayyy down.

 
Summary of Answers Received Answered On Answered By Average Rating
1. Hello C.L.: The house will be sold, maybe at auction and t...
05/11/05 exconExcellent or Above Average Answer
2. Foreclosures are governed primarily by state law, and so the...
05/11/05 voiceguy2000Excellent or Above Average Answer
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