02-05-2009, 01:38 AM
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What happens in a foreclosure?
Usually if you have a foreclosure, what happens with that loan amountI assume you have to pay it somehow, in taxes maybe? Is that howit happens? Every year do they take a chunck or all of your refund torepay that loan?
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02-05-2009, 07:32 AM
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From what I understand, the bank takes repossession if you haven't been paying your mortgage & resells. If you own the house completely & haven't been paying the property tax, the government will take it & sell it for however much they want to. Foreclosed houses are relatively cheap.
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