What happens after a Foreclosure Auction?

What happens after a Foreclosure Auction?

After a foreclosure is complete, the loan amount is paid off with the sale proceeds. Sometimes, if the sale of the property at auction isn’t enough to pay off the loan, a deficiency judgment can be issued against the borrower. Learn more about Deficiency Judgement here with us at Segis Group LLC.

A deficiency judgement is where the bank gets a judgement against the homeowner or borrower for the remaining funds owed to the bank on the loan amount after the foreclosure sale. Some states limit the amount owed in a deficiency judgement to the fair value of the property at the time of sale, while other states will allow the full loan amount to be assessed against the borrower.

Generally, it’s best to avoid a foreclosure auction. Experienced investors can help you by negotiating directly with banks to lower the amount you owe in a sale or even eliminate it, even if your home is worth less than you owe. Work with a reputable real estate firm like us at Segis Group LLC to help negotiate discounts off the amount owed to avoid having to carry out a foreclosure. Selling a property in New Jersey or New York? We can help you. Call us today (201) 297-6965.

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We Help Homeowners, Attorneys and Agents in New Jersey and New York close on their short sales. https://www.segisgroup.com/shortsale

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