Question: WILL YOU EXPLAIN WHAT HAPPENS AFTER FORECLOSURE… I HAD A FORECLOSURE SINCE 2008 BUT I STILL GOT A LETTER FROM COLLECTION FOR THE AMOUNT I OWED FROM MY HELOC. MY QUESTION IS HOW COME THEY DID NOT SEND ME A 1099 FORM LIKE MY FIRST MORTGAGE DID ONE YEAR AFTER FORECLOSURE.
Answer: -This is a great question but first lets look at the foreclosure process because I think it will help you understand why this happened.
Here’s What Happens After Foreclosure
After the foreclosure process, or lets say auction, a couple of things happen depending on what state you live in and what kind of liens were on the property. [Read more…] about What Happens After Foreclosure