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01-27-2011, 01:45 PM
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What are the chances the bank will sue
after a foreclosure? If I have an 80/20 loan (and the 80% is a 30-year balloon note), and I try to negotiate a short sale or my house goes into foreclosure, and the house does not sell for what is owed on the loan, what are the chances that the banks will sue me? What is the absolute worst thing a bank can do if the owner stops paying? And if they do sue, and I can't pay, what happens then?I live in Ohio, btw.
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01-27-2011, 04:08 PM
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If the bank forecloses your house and you hand it over, it is very unlikely that they will pursue more legal action against you, regardless of how much the house sold for. Banks understand that people who have had their homes foreclosed probably don't have too much spending money, making any lawsuit winnings very unlikely to cover the costs of their legal fees and additional labor.
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