Foreclosure

[Anonymous]

If you have a house that was foreclosed, does that account go to collections or once that property is repossessed then do you still owe for it? I had two houses both foreclosed. One is showing that I owe them the cost of the house while the other is showing a zero balance. Which hurts your credit more, a house you don't live in that your CR says you owe 200K for or a foreclosure? Please help. I really want to get my credit in proper order.

[Anonymous]

Whether or not you still owe on a foreclosed house has to do with three things-what the original note and mortgage said, whether or not it was your personal residence (and was it homesteaded, and what state you lived in. Often banks will not go after you to make up the shortage but some will go after it in the form of a deficiency judgment. Your issues go beyond simply fixing your credit score. Assuming you don't have an extra 200K lying around it really sounds like you need advise from an attorney.