More lenders pursuing homeowners after foreclosure is ended

Mortgage lenders are going after borrowers after the foreclosure is completed, according to research by expert Richard Geller, noted mortgage and real estate expert.

"Homeowners often let their house go to foreclosure if they owe more than it's worth," said Mr. Geller. "They think their problems are over. But more and more, the lenders are not leaving things at that."

According to Geller, there are two situations where unlike times past, lenders are pursuing homeowners after the foreclosure process.

Geller explained that one situation is a second mortgage holder who is not foreclosing. In past times, the second mortgage holder would initiate the foreclosure process but today, they are mostly not doing anything.

According to Geller, today's second mortgage holder can go to court after the process of foreclosure and get a judgment. "They can pursue you and go after you after the foreclosure sale," explained Geller.

Geller is developer of the Mortgage Relief Formula at www.MortgageReliefFormula.com and has observed first hand how foreclosure is not necessarily the end of a homeowner's problems.

"Homeowners are better off doing a short sale than they are just letting their house go," said Geller.

"Otherwise, you can end up with a judgment and with the new bankruptcy laws, you may have to pay this judgment over many years in a chapter 13 bankruptcy filing," Geller noted.