bankruptcy

[reveur]

This may sound like an odd question with an obvious answer, but I'd appreciate anyone's input.

If someone went bankrupt, failed to make payments on a home and eventually lost the house to the bank, is there any possiblity of the (ex) home-owner seeing any of the money if the property is sold for more than it was worth?

-Thanks in advance

[TampaREOman]

if the bank already has it back, the owner will not get ANY of the money in Florida. If the bank sells it for more than market value, then the ex-owner should have called a realtor and sold his home......or at the very least FSBO before getting foreclosed.

[Jnazareno]

Agree, same as in every state . I see plenty of people going into Foreclosures and
with all the equity, people don't realized that they can sell it and came out with some cash. if it's bank owned, then the bank will get all the profits. I mean
that's why you have 90 days to perform, on top of that, another 21 days
to pontentially get off the foreclosures list, then after that it's bank or court sales it.

From Exp. I see a few mistakes made by people either by hiring a lawyer
to extend the foreclosures to a yr ( this comes from two people I know and
the many people I dealed with during foreclosures that either loss the jobs
or non-complicated issue that they just can't pay for anything anymore)
but you have to realize that lawyers will not come cheap and can wipe your equity
out afte that 1 yr extension.

on the other hand, I see many homeowners that thinks outside of the box and realize that they have to sell if they can't perfomr to pay the bank. they move out of California, and with the equity they have can buy a home with comfortable mortgage.

you have to put aside your pride and think about your family.