Can a bank come after you if you foreclose?

Answer by  patti (29325)

The mortgage lender forecloses on a property when the payments are not made as agreed. The property is sold to recover. The lender can file against the homeowner.

Answer by  MarkWatrous (729)

If the foreclosure was WITH RECOURSE, yes, they can sue you for the balance of the mortgage. If the foreclosure was WITHOUT RECOURSE, no, they will not come after you.

Answer by  sharon63 (520)

No, during the foreclosure procedure, the bank may try to collect monies owed for back taxes, and other items in escrow, but not after foreclosure has begun.

Answer by  tamarawilhite (17883)

If the foreclosure is "WITHOUT recourse", then they cannot come after you for any financial losses or the difference between the amount owed and what the house sold for. If the foreclosure is WITH recourse, they CAN come after you for any financial losses or the difference between the amount owed and what the house sold for.