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11-09-2004, 09:47 AM
| | |  sheriff's sale
What is the name of your state?My client owns a home in Iowa. Due to lack of work their mortgage payments have not been paid for several months. Now that he is working, he is trying to catch up but not able to. He is arbout 6,000.00 in arrears. His home has been put up for a sheriff's sale in December of this year. His question is, will he be responsible for the difference between the actual owing amount and the sale of the home? |
11-09-2004, 09:57 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
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Originally Posted by barb jones What is the name of your state?My client owns a home in Iowa. Due to lack of work their mortgage payments have not been paid for several months. Now that he is working, he is trying to catch up but not able to. He is arbout 6,000.00 in arrears. His home has been put up for a sheriff's sale in December of this year. His question is, will he be responsible for the difference between the actual owing amount and the sale of the home? | **A: yes, I believe you are asking about a deficiency. |
11-09-2004, 12:07 PM
| | Member | | Join Date: Sep 2004 Location: Philadelphia, PA
Posts: 363
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Originally Posted by barb jones Due to lack of work their mortgage payments have not been paid for several months. Now that he is working, he is trying to catch up but not able to. | That is a big reason for the US Bankruptcy statutes. Your friend should see a bankruptcy lawyer and find out if a Chapter 13 reorganization can't get him back on his feet and stop the foreclosure. | |
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