I foreclosed on my house last year and the bank sold it for more than we owed,but say we still owe everything?

They sold it for about $12k more than what we owed. We were told we'd even get any extra money back. But now, they say even since they sold it, we owe them every cent from the foreclosure. Can they do that?
Update: So, say for example, I owe $100K on a $200k house, I go into foreclosure...They sell for $150k...They still have to rights to get the $100k from me? I still owe them that money? I understand it would go onto my credit report, but to think that I still owe them $100k...It's all win/win for the industry! They... show more So, say for example, I owe $100K on a $200k house, I go into foreclosure...They sell for $150k...They still have to rights to get the $100k from me? I still owe them that money? I understand it would go onto my credit report, but to think that I still owe them $100k...It's all win/win for the industry! They don't need a bailout, they just need to sell those homes for a profit like they did with mine.....and still take money from me.
Update 2: Yeah, they say I owe exactly what they said I owed the day I walked out of the house...with the lawyer, auction, others fees included. They were pretty clear about it. My worry is that the 1099 says I am still liable for all of that debt. I think that since they sold it the amount should reflect what I would owe,... show more Yeah, they say I owe exactly what they said I owed the day I walked out of the house...with the lawyer, auction, others fees included. They were pretty clear about it. My worry is that the 1099 says I am still liable for all of that debt. I think that since they sold it the amount should reflect what I would owe, say after the last sale and extra fees. I honestly think I'd owe about $15k with real estate fees and such......but not the full amount!
Update 3: Okay, consulted a lawyer...you all in Maryland anyways this goes: The difference between what they lost during the transaction is what I should have received on the 1099. The not-so-gentleman at the bank basically wanted to give the big "Push Back" so that the bank could write it all off. They were... show more Okay, consulted a lawyer...you all in Maryland anyways this goes:
The difference between what they lost during the transaction is what I should have received on the 1099. The not-so-gentleman at the bank basically wanted to give the big "Push Back" so that the bank could write it all off. They were wrong. I am liable for the amount they lost and have to record that as a gain in my taxes this year. But if I push back with knowledge as ammo, I may get the correct form in time to file my taxes. The hope is that I do not need to fork out a retainer's fee to do this to the fine gentleman who spoke with me moments ago. I hope this clears it up for me and for anyone else being given the pinch by the banking industry. Also, new laws that went into effect in the last moments of the last presidential administration allow for the amount still owed to not affect your taxes. They are forgiven as part of the relief package put into place.
Update 4: We did some research and found that the bank bought the house at auction went it went to foreclosure for more than I owed. If there were any money's owed by me or money owed to me, it should have been handled right then and there. What they do with it after the fact is none of my concern and I should not get a... show more We did some research and found that the bank bought the house at auction went it went to foreclosure for more than I owed. If there were any money's owed by me or money owed to me, it should have been handled right then and there.
What they do with it after the fact is none of my concern and I should not get a 1099 based on any of their losses. I have talked to a lawyer and will fight this in court. But it gets better! Because it may cause quite a media stir, the attorney is doing it for free. We are filing a civil suit for defamation of character. Your credit report is part of your character and thus a huge deal. My wife and I did the math and they owed us $8754.26 after the home was sold at auction. The auction sale is the stopping point. Any fees that are created because they had to sell the house are their issue, not mine. Remember, as of the end of the auction....I was no longer the owner. THEY pay the fees...it's their house now!
People, fight the banks! Don't let them win!
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