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10-01-2007, 05:28 PM
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Foreclosure WHAT HAPPENS?????
We along with 50 million other Americans are really hurting financilly right now, my question is, what happens if you default on your Mortage and you have over 200,000 in equity in your home? If your foreclose does the bank automatcally get that equity? IE: If we sold for 550, and owe 385.....do we get that equity or does the bank get it?????
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10-01-2007, 07:32 PM
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why would you foreclose on the house if you have so much equity ? Refinance and get that equity out !!!Otherwise you wont see a dime if you foreclose.
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