What are the previous home buyers liable for in a forclosure?

Do they have to pay the balance of the money owed or the back pay of money accumilated on the home til the home is sold?

If your home goes into foreclosure, the bank can still sue you if the money they get is less than the outstanding mortgage, as well as foreclosure fees, et al.

If they forgive the debt, then the IRS considers that to be income to you and taxes you on the debt that is forgiven.

Yup, you get nailed either way....

The bank takes the house and all the money you paid on it, Ruins your credit and sell it to the highest bidder. Also don't for get the taxes .. want their money too

I assume you are the new owner. So with that assumption the previous owners are just that Previous, they have nothing to do with your house at this point. They do not owe your taxes. or utilities. or anything to you.

But as the above post points out, they may be held liable to the bank and IRS. This does not concern you.