Do you have to pay the bank in Rhode Island when a property is foreclosed and sold by the bank at lower price?
Like many other people, it's been hard to make ends meet and stay on top of my mortgage. I want to know if Rhode Island law allows the bank to come after me for whatever the difference is from what they sell it for.
- Anonymous1 decade agoBest Answer
this article will explain. http://www.washingtonpost.com/wp-dyn/content/artic...
- 1 decade ago
I work at the bank, and yes they can come after you for the balance. They are in the business of making money not losing money.
- pinelLv 43 years ago
the wonderful element of do is to barter with the loss mitigation branch on the financial company to settle for decrease than what's owed. it truly is named a short sale. hit upon a realtor with adventure doing them. the the rest stability would not in simple terms disappear in any different case.
- lorijotxLv 51 decade ago
It's at the bank's prerogative to come after you for the difference.
They would like their money so it is in their interest if they can get it.
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- DanLv 71 decade ago
The shortfall is money that you owe, both legally and morally. You would be well advised to make arrangements to pay it off in installments as quickly as possible.