Am I liable to pay the remaining debt/mortgage on my foreclosed, auctioned condo in California. Condo was auctioned off in August 2017.
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Am I liable to pay the remaining debt/mortgage on my foreclosed, auctioned condo in California. Condo was auctioned off in August 2017.
I had a mortgage on the property, but moved out of state. I have not lived in the
property for 12 years. As I said, it was finally sold at auction in August. What is my
financial liability for the remaining mortgage.
Asked on January 5, 2018 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, you are still liable for any remaining balance due on the mortgage after the foreclosure sale. The mortgage is a contract: you obligated yourself to pay a certain amount. Foreclosure is one way the lender can try to get their money if you default, but it's only a mechanism to get paid: it does not eliminate your obligation. If you the home sells at the auction for less (after paying the costs of the auction first, which come off the top) than the remaining balance, you are still liable--and the lender can still sue you for--the difference between the amount owed and what they realized via the auction.
Where you lived is irrelevant to the issue of what you owed.
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