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Old 04-23-2008, 12:12 PM
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Question

after foreclosure in arizona


What is the name of your state?ARIZONA WE LOST OUR HOME IN FORECLOSURE IN DECEMBER AFTER DOING EVERYTHING POSSIBLE TO SELL IT, INCLUDING SHORT SALE, WE HAD 4 OFFERS, AND ALL 3 LOANS THAT WE HAVE ON IT AGREED, TILL THE END WHEN THE 3RD SAID THEY NEEDED ANOTHER $2,000 OR SO. THE FIRST GOT TIRED OF MESSING AROUND AND FINALLY SAID NO, LETS GO INTO FORECLOSURE. THE 3RD MESSED IT ALL UP AND NOW THEY ARE CALLING AND HARRASSING US FOR THE MONEY, WHICH WAS FOR A POOL IN THE BACK YARD FOR ABOUT $12,000. THEY COULD HAVE GOTTEN ABOUT $8,000 IN SHORT SALE, BUT KNOW BECAUSE THEY WANTED MORE AT THE END, THEY ENDED UP WITH NOTHING IN THE FORECLOSURE. MY QUESTION IS DO WE HAVE TO PAY THEM BACK, AS I THINK THAT THE 1ST AND 2ND, SINCE IT WAS MONEY FOR THE HOUSE, WE DON'T HAVE TO PAY THEM BACK, BUT NOT SURE HOW TO GET THEM FROM HARRASSING US, BUT WONDERING IF WE HAVE TO PAY THE 3RD BACK FOR THE POOL LOAN? ALSO CAN THEY COME AFTER US DOWN THE ROAD WHEN WE DECIDE TO BUY AGAIN, AND HOW LONG BEFORE YOU CAN PURCHASE A HOME AGAIN ? THANKS SO MUCH FOR YOUR TIME.
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Old 04-23-2008, 01:28 PM
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Join Date: Feb 2007
Posts: 4,978
Please do not type in all caps. It's bad etiquette on these (and most other) boards.

Foreclosure doesn't wipe out debt responsibility. It just forces the sale of the house to pay off the lien holders in their order of priority. Any who aren't fully satisfied can still come after you for the deficiency. Your credit is bad, and bound to get worse in the process.

It would have been much better to work out things with the third to get the short sale to happen.
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