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Posted in Mortgage
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Question By
DeanPSchumann

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0 People Helped
foreclosure responsibilities
My house was foreclosed upon in 2010. Am I still responsible for the loan? My original loan was for 160,000. The bank sold my house for 70,000. Do I need to repay the difference to clear my credit? Should I be concerned that some day my lender, Midland Mortgage, is going to try to collect from me?

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Top Contributor
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yes you should be; that's a huge amount left floating around... Most likely they will take you to court and file a judgement to have your wages garnished... Listen beat them to the punch......  Write them a letter stating that you are putting forth your best effort to repay this debt. Explain to them that after reviewing your budget that this amount (send a check or money order monthly) is the best you can pay. It can be any amount ranging from $0.01 on up. Just make sure you send them something each month. This will stop them from taking you to court.  They must accept your most reasonalbe payment as this will give you some fighting ground if they don't and decide to take you to court..

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