I lost my home through foreclosure,under the new mortgage bailout is there any recourse when the banks come?

Question

what are my options e.g bankruptcy, debt settlement tax write down e.t.c.

Will the banks sue for payment ,is there any government help with this

Answer 1

If law day has passes and the bank has the title, you've lost the house.  If the bank comes after you for the balance, you will probably have to file a bankruptcy.

Answer 2

Whether or not banks come after you for the difference they’re owed depends on your state’s laws. A CPA or tax attorney who works in your state would be best at advising you on your local laws and the best way to deal with such an issue.

Recent legislation wouldn’t have any effect on you if you lost your house before it was passed. The US Constitution prohibits ex post facto (after the fact) laws. It means laws can only apply going forward but not in retrospect. It might seem unfair given your situation, but this also protects you from facing consequences for doing something that was legal at the time and later became illegal.

Answer 3

They cant come after the "difference" of the loan amount and what the bank will sell for BUT you do have something called a deficiency judgment which can follow you for technically forever...  also, state law will vary...