say for example you buy a house for 700,000 and the house forecloses and the house sells for 450,000 in foreclosure, what happens with the difference of 250,000.does the bank eat the loss?

Yes.



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Sunday, November 30th, 2008 at 4:39 am
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2 Responses to “What happens when you buy a house and then it is foreclosed on?”

  1. Angie Says:
    April 8th, 2008 at 4:52 pm

    The government right now is asking the banks to eat the loss. which to my knowledge they are doing.

    If we were talking about 6 months ago, the answer would be — the bank would come after you for the additional 250,000.
    References :

  2. src50 Says:
    April 8th, 2008 at 4:53 pm

    Yes.
    References :

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