foreclosed house - now what

[cleanslate01]

We stopped paying our mortgage in November 2007. We moved into a rental in December 2007. Our house foreclosed and sold off in November 2008. It's now almost August and I haven't heard anything from the bank. How do I know if they are coming after us for the difference? Would I have heard something by now?

We haven't filed yet - we are getting the last documents to the lawyer. We let the house go because it was a money pit and we couldn't afford to keep it.

[MrJames]

A few years ago my best friend walked away from his home and about 9 months later or so it sold at auction. he said after about a year of not hearing anything about it he contacted the bank and they pretty much said case closed....so I guess they sold it for what they needed but he never got any kind of paper work from the bank after he walked away from it. maybe contact the folks who you had the mortgage through and see whats going on?

[dscurlock]

We stopped paying our mortgage in November 2007. We moved into a rental in December 2007. Our house foreclosed and sold off in November 2008. It's now almost August and I haven't heard anything from the bank. How do I know if they are coming after us for the difference? Would I have heard something by now?

We haven't filed yet - we are getting the last documents to the lawyer. We let the house go because it was a money pit and we couldn't afford to keep it.

Looks like I may be going through the same thing..we bought our house for $108k - the agent says now it could be only worth $70-75k. We have not lived there for 2.5 years now, and just stopped making payments, so I am not sure if the bank will try to come after us for the balance, or just let it go...if all else fails, I could always file chap 13 if i need too..I figure no need paying a garnishment to a bank, when I could give it to chap 13 (if it comes to that...)

[LoisGriffin]

Our home sold last week at auction, we have been living in another state for 2.5yrs trying to sell it.

I spoke with the law office for the bank (the bank bought the house back at auction). I was told it is unlikely I will be hearing anything, and pretty much definite they will not be trying to go after us for the costs...

Damn fools should have taken one of the 4 short sale offers, or Deed In Lieu which we applied for over a year ago. Oh well. I am floored that we will not have any cost repercussions based on this... We have zero desire to buy a house again any time soon, so I feel really good about the course of action we took. (Stopped paying 2yrs ago)