What happens when you buy a house and then it is foreclosed on?

By Home Buying Wiz | February 6, 2009
foxyraley asked:


say for example you buy a house for 700,000 and the house forecloses and the house sells for 450,000 in foreclosure, what happens with the difference of 250,000.does the bank eat the loss?

Melvin
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One Comment

  1. Angie
    Posted February 8, 2009 at 5:02 am | Permalink

    The additional 250000.