Home > Legal > Questions & Answers > Foreclosure > I bought a condo in Florida as an investment now in Foreclosure. I live in Chicago. What assets would be taken
I bought a condo in Florida as an investment now in Foreclosure. I live in Chicago. What assets would be taken
A mortgage is a specific voluntary lien, meaning the lien (mortgage) is specific to the property and it was voluntary because you agreed to have the lien placed upon your property. A judgement is a general involuntary lien, meaning the judgement applies to all your assets. The citation to discover assets which typically follows a judgement would cause a general involuntary lien to attach to your properties. Please consult a competent attorney in this field, as it is a specialized knowledge need to properly protect your assets.
Initially, the bank will either take the property in foreclosure or the proceeds from the judicial sale. The lender may be entitled to a dificiency and may collect or sell the right thereto to a third party for pennies on the dollar. If a difficiency judgment is obtained, the holder of the judgment must bring the foreign judgment to Illinois or where your assets are located and domesticate the judgment. Then the local law will apply. If you and most of your assets are in Illinois, then Illinois law will apply.
