As usual I am confused by things going on. Hopefully someone can answer this question..
Background: My house is in "foreclosure". The bank got their "foreclosure judgment" of X amount of dollars (let's just say 80,000 for sake of argument).
I still have a few months left here because the earliest the bank can have the sheriff sale in this county is December 28th, and they have not even filed for that date yet (if they wait another 3 weeks that will push the date back into the end of January, and so on and so on depending when they file with the sheriff).
As far as I understand it, I have until 1 hour before the date/time of the sheriff sale to pay the entire 80k to the bank to thus "own" my home outright.
Note that I have equity in the house - it could be worth 2x times what my judgment is! So I am now trying to sell it. I met with a realtor who told me I needed to get the bank's "mortgage payout amount" (aka "buyout", aka "payoff" aka other names) which would required for me to pay the bank if I get a buyer. I told her about the foreclosure judgment and assumed that is the amount I would need to satisfy. But she said no, that the bank needed to tell me an exact figure for "payout".
I called the bank, and since my house is in foreclosure, they cannot just "give me" a "payout" figure. Instead they have to "request" one from their foreclosure attorney. What's more, I learned that this figure goes UP every month because they are adding up interest on the loan every month - so the "payout" amount will be more next month than it is now (for example 84,000 instead of 80,000), and more in 2 months than in one month, etc etc etc.
Not to mention that no one has mentioned legal fees to me, and I would not be surprised in the least if the bank has a way to tack some kind of legal fees on as well (yes??).
What I want to know/understand is, why isn't my "payout" amount the same as what my judgment currently is? Since I am allowed to pay the JUDGMENT amount up to the date of the sheriff sale, assuming I can sell the house, why can't I pay the JUDGMENT on the sale date of the house, rather than have to jump through these hoops with the bank and pay them even more $$ than the judgment????
Thanks for any explanations.
Background: My house is in "foreclosure". The bank got their "foreclosure judgment" of X amount of dollars (let's just say 80,000 for sake of argument).
I still have a few months left here because the earliest the bank can have the sheriff sale in this county is December 28th, and they have not even filed for that date yet (if they wait another 3 weeks that will push the date back into the end of January, and so on and so on depending when they file with the sheriff).
As far as I understand it, I have until 1 hour before the date/time of the sheriff sale to pay the entire 80k to the bank to thus "own" my home outright.
Note that I have equity in the house - it could be worth 2x times what my judgment is! So I am now trying to sell it. I met with a realtor who told me I needed to get the bank's "mortgage payout amount" (aka "buyout", aka "payoff" aka other names) which would required for me to pay the bank if I get a buyer. I told her about the foreclosure judgment and assumed that is the amount I would need to satisfy. But she said no, that the bank needed to tell me an exact figure for "payout".
I called the bank, and since my house is in foreclosure, they cannot just "give me" a "payout" figure. Instead they have to "request" one from their foreclosure attorney. What's more, I learned that this figure goes UP every month because they are adding up interest on the loan every month - so the "payout" amount will be more next month than it is now (for example 84,000 instead of 80,000), and more in 2 months than in one month, etc etc etc.
Not to mention that no one has mentioned legal fees to me, and I would not be surprised in the least if the bank has a way to tack some kind of legal fees on as well (yes??).
What I want to know/understand is, why isn't my "payout" amount the same as what my judgment currently is? Since I am allowed to pay the JUDGMENT amount up to the date of the sheriff sale, assuming I can sell the house, why can't I pay the JUDGMENT on the sale date of the house, rather than have to jump through these hoops with the bank and pay them even more $$ than the judgment????
Thanks for any explanations.