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12-21-2009, 04:23 AM
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what happens when your home goes to foreclosure...
...and they don't sell it for the amount you owe? What happens when your home goes into foreclosure and they don't sell it for the amount of the note? Are the borrowers still responsible for the balance of the note?
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12-21-2009, 03:28 PM
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if you are 'upside down' on your payments & the bank forecloses, you still owe them the money. It does not disappear (the debt you owe). However, you can file BK7 aka Chapter 7 bankruptcy to wipe out any & all debt. It depends on what state you live in, whether you get to keep certain things or not.
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