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my question is…. are the lender gonna find the owner of the house to seize some belongings they are not already in the house while the lender process for forclosure ? and number 2 question is …. what happen during forclosure are the sheriff come to us and find us to seize our belongings during sheriff auction sale? number 3 question is …..what if nobody buy the house because that house is so ugly we bought the from my parents in-law last 2006 for $ 500,000 we live the house last october 31,2007. i think that house cost only $ 250,000 if somebody buy it.what happen if it’s only $ 250,000 cost are we in trouble?or are they gonna find us and seize our belongings?some of our belongings is not been paid in full yet from our creditors are the lender gonna take it ,that belongings are not ours yet untill we pay in full?

4 Thoughts on i want the real answer and serious person to answer my question.?
  1. Reply
    July 23, 2011 at 10:13 am

    Under none of this situations will your belongs be seized. Bank accounts, tax returns and income may end up being seized, but not your furniture.

    The sheriff will toss it out if you can no longer live in the home.

    You were given 500K, spent it and need to figure out how to return it. But, your furniture is safe.

  2. Reply
    July 23, 2011 at 10:18 am

    Your questions ramble and are unclear.
    But if your home is in foreclosure and you’re gone, then generally no one comes to seize your belongings. However if you trash the house and take out fixtures (attached items), they may come after you.
    If you’re in the home while foreclosure proceeds there are court dates and notices. You can find out when it will happen. It usually takes 6-8 months from filing for foreclosure to be finished. Don’t put your head in the sand–read these notices, go to court. Ignoring them doesn’t make it go away. If it sells for less than what you owe, there will likely be a deficiency judgment against you for the difference, and a 1099C could be issued to you. This will have a strong negative impact on your income tax filing next year.

    There are programs available now for homes in foreclosure, and you need to get some expert advice even if it’s not possible to save your ownership in the home. They can avoid the 1099C, which would be good. Call legal aid, ask around and get some informed legal advice.

  3. Reply
    Real Estate Guy
    July 23, 2011 at 11:15 am

    Lou, ask the question so people can understand it and maybe you will get a real and serious answer.

  4. Reply
    July 23, 2011 at 12:07 pm

    No, the lender or the Sheriff won’t hunt you down and seize your belongings. Your personal property will not be affected by the foreclosure and Sheriff’s sale.

    Whatever the difference is between what you owe on the mortgage and what it sells for at auction may be filed as a deficiency judgment against you. This varies by area.

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