Can the bank/mortgage company that is foreclosing on my investment property come after my other assets

Asked about 6 years ago - Hilliard, OH

My investment property is foreclosing. Will they go after my personal property? How can I stop them if they do?

Additional information

I own my own business how will it affect that as well?

Attorney answers (1)

  1. Margery Ellen Golant

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    3

    Answered . In most states, banks do have the right to pursue you for deficiency judgment if they take a loss on the foreclosure, once it is completed. If they do, and if they prevail and obtain a deficiency judgment, they can then levy on any assets they find in your name, unless there are specific state law exemptions.

    These days, with so many mortgages upside down, the banks face large losses, and so I do expect to see much more deficiency judgment activity in the future.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

24,567 answers this week

2,788 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

24,567 answers this week

2,788 attorneys answering