You may still owe money after a foreclosure or short sale

 · Selling a foreclosed home is an option many homeowners who have defaulted on their loan don’t know much about. But it could help you pay off your debt.

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After the short sale is completed, your lender may call you or send letters stating that you still owe money. These letters may come from an attorney’s office or a collection agency and will demand that you pay off the deficiency.

The number of payments you can miss on your mortgage before the foreclosure. of the money that's owed, but you may still be able to reach a payment arrangement.. laws governing foreclosure can vary from state to state.. In real estate, a short sale is when a homeowner in financial distress sells his.

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 · The good news is that if you’re in danger of missing a mortgage payment, you don’t have to worry about foreclosure just yet. Legally, it takes at least 120 days before the foreclosure process begins, and you can often stop it from happening at all, if you take action now and speak to your mortgage lender.

Yes, a short sale is still possible after a sheriff’s auction because in Michigan all owners have a 6-month right of redemption (meaning that they can pay off all outstanding balances and "redeem" or reinstate their mortgage).

So, after you spend a lot of time filling out paperwork and explaining how you got into this financial predicament, you might be able to persuade your lender to work with you on a short sale.

A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession.When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collections.

Foreclosure and Bankruptcy. If you’re in foreclosure and want to keep your home, Chapter 7 bankruptcy may not be as effective as a Chapter 13 reorganization bankruptcy.

If you are one of the many homeowners who have fallen behind on your mortgage payments and you don’t see any way to avoid foreclosure, a short sale may offer you the least painful way to resolve.