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Say I buy a house to 100k and I pay off 90k of the mortgage, than I get foreclosed on for what ever reason, job loss, whatever. Than the bank sell the house for 80k, am I entitled to the 70k minus legal fees the bank has incurred foreclosing on the house?
Yes, something very close to that. Not just legal fees, but any other fees, penalties, additional interest, too.
That's how foreclosure works. You get to retain your equity to the extent the house sells for a price that exceeds the liens on it.
In this case, if the house is worth $100K, you would be better off selling the house yourself rather than letting it fall to foreclosure and selling it for $80K.
Methinks this belongs in the Real Estate forum, not Misc.
I have a question about a House Foreclosure question. Say I buy a house to 100k and I pay off 90k of the mortgage, than I get foreclosed on for what ever reason, job loss, whatever. Than the bank sell the house for 80k, am I entitled to the 70k minus legal fees the bank has incurred foreclosing on the house?
#housing