i bought a condo in Florida as an investment now in Foreclosure. I live in Chicago. What assets would be taken

after foreclosure? What will happened to savings, checking, CD's, 401K, Pension? Is the law same in Florida as in Illinois - Is this your question? Add additional information
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Joseph Brien

Joseph Brien Avvo Pro

Contributor Level 4
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.
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