Foreclosure Va Loan
Foreclosure Va Loan
Foreclosure Arizona VA loan?
My husband and I are probably close to our house. We can not sell because real estate Arizona is horrible and the house is not worth what they paid for. We purchased for $ 350,000 and it is very far from the value at the moment. What will happen when foreclose on the property? Does the bank to buy back what is it worth? If they do, what happens to the rest of the money to repay the loan amount? If Excluding do we need a lawyer? Thanks for any help, we really appreciate it.
The bank will try to get as much as you can for it. Can than what you paid for it. The good news is that if your primary residence, you will not be beaten with the IRS a taxable event. So the loss of most cases would be considered as income. This article can give their performances more than you are looking for; http://getprequalified.com/article/105088/real_estate_foreclosure/common_questions_and_answers_about_the_foreclosure_process_and_deficiencies.html
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