Sheriff Sale of Property

[Liz Reed]

YOUR STATE NAME - Pennsylvania
In 1995 I had a house that was sold at a Sheriff sale (because of non-payment to the mortgage company). I just found out that over $7,000 is on my credit report because of this sale. Why? Am I suppose to pay this? I thought the purpose of the Sheriff's sale was to pay the mortgage company and cost associated with the sale. Please help.

 

[HomeGuru]

YOUR STATE NAME - Pennsylvania
In 1995 I had a house that was sold at a Sheriff sale (because of non-payment to the mortgage company). I just found out that over $7,000 is on my credit report because of this sale. Why? Am I suppose to pay this? I thought the purpose of the Sheriff's sale was to pay the mortgage company and cost associated with the sale. Please help.

**A: you are correct and in your case the mortgage and foreclosure costs exceeded the foreclosure sales price so there was a balance still owed by you. This $7000 was entered as a deficiency judgement against you. You still owe the money.