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if you lost your house to forclouser did the bank come after you for payment?

the reason I am asking is because my hubby filed bankruptcy 4 years ago we saved the house (wish we wouldnt have know) but anyway we just had a baby and are almost to the point of not being able to pay the house payment, due to all the extra medical bills and special formula she has to have ($80.00 per week in just formula) can't get WIC either.... Anyway we can't file bankruptcy for another 3 years so I wanted to know if the bank came after you (your paycheck) when you moved out? My friend works at a different bank and said due to sooo many losing their homes the bank doesn't even go after them anymore by I am at a different bank and need to know.... thanks so much

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Anonymous

Asked by Anonymous at 9:01 AM on Jan. 13, 2011 in Money & Work

Answers (8)
  • We had to file bankruptcy to avoid paying the mortgage company $50K for a house we could not live in. There was a real estate auction, the only bidder was Countrywide (who was our mortgage company) and they purchased it from themselves for $50K less than what we owed on the house and wanted us to pay the rest, nevermind the fact that we had lived there for a little over a year and already paid them more than $12K in monthly payments. We have been out of that house for over 4 years now so I don't know if the banks have changed, but I can tell you that I would not trust a mortgage company for anything. We learned our lesson, we saved up and bought a house outright.

    scout_mom

    Answer by scout_mom at 9:08 AM on Jan. 13, 2011

  • Wish I had some advice for you, but good luck with everything and congrats on baby. Things will work out.
    Collegemommy910

    Answer by Collegemommy910 at 9:08 AM on Jan. 13, 2011

  • please bump question even if you don't have an answer!!!
    Anonymous

    Comment by Anonymous (original poster) at 9:22 AM on Jan. 13, 2011

  • I haven't experienced this, so I don't know from personal experience, But I have heard that you are supposed to file bankruptcy after the foreclosure so that they don't come after you for the balance. In your case, you won't be able to do that. If you don't think that you are going to be able to make the payments, call the bank and see if they will work with you first....like maybe they will let you not pay a few months and then tack the payments onto the backside of the loan. Or see if they will let you do a shortsale. Most banks are working with people these days, but if you don't start communicating with them, you'll never know what they are willing to do in the early stages. I wish you luck though.
    slw123

    Answer by slw123 at 9:35 AM on Jan. 13, 2011

  • They can. And I think they can when they feel you have something to go after. I have heard that you may be able to get a statement from the bank that they will not. You owe the money. Things went bad for you. When you do not pay what you owe others have to make up for it. I understand people like to think that banks and mortgage companies are the bad guys. Well don't use them.
    Sorry, I sound so cruel, but people have to take responsibility. If you borrow money, you owe it.
    tootoobusy

    Answer by tootoobusy at 9:49 AM on Jan. 13, 2011

  • from what I researched about foreclosure- they will come after you for the difference in what they get vs what you owed uless you declare bankruptcy- and I guess this can take awhile for them to get to
    *at least this is how I understood it

    We filed bakruptcy and let them take our house
    charlotsomtimes

    Answer by charlotsomtimes at 10:30 AM on Jan. 13, 2011

  • My bil and his wife lost their home after they made a series of poor choices. They thought they were fine until three years later they were sued by the bank. The bank had trouble finding them so that is why it took so long. They lost in court and now wages are being garnished. They can afford it they could actually afford the mortgage they had two houses and the one wouldn't sell so they got tired of paying two mortgages and walked away from one. They had seen others not have to pay back but they did get nervous when those people told them they were being sued. The banks will get around to it eventually there are a lot of foreclosures right now.
    Anonymous

    Answer by Anonymous at 10:45 AM on Jan. 13, 2011

  • tootoobusy yes I know that is how loans work... even with that said things do happen that we can NOT control... do you honstly thing I even like asking this question? I don't even want to think of the day we might lose our house and have no where for my CHILDREN to call home! It breaks my heart but if I don't have the mone I don't have the money.....


    What is a short sale I am interested in this and would like to know more about it..
    Anonymous

    Comment by Anonymous (original poster) at 1:37 PM on Jan. 13, 2011

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