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

Hilliard, OH |

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

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

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Attorney answers 1


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.