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if foreclosed what assets areopen to be libel

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bobgburris Joined: 30 Jun 2011 Posts: 1 1.00 Dollars($)	Posted: Thu Jun 30, 2011 11:03 am    Post subject: if foreclosed what assets areopen to be libel Like 0 Dislike 0 If foreclosed on, what personal assests aresubject to be taken from you by the bank
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu Jun 30, 2011 1:10 pm    Post subject: Like 0 Dislike 0 None, unless the lender was able to get a deficiency judgement and attach that to other property you hold, or other assets. Generally if your lender used a deed of trust, then the only recourse is the property itself. Only some states allow for the deficiency. Florida for example lets the creditor collect up to 20 years later on deficiency judgements. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Jun 30, 2011 9:31 pm    Post subject: Like 0 Dislike 0 Hi bobgburris, The lender will foreclose the property only. You will be able to take your personal assets with you. The lender may not come after your personal assets. Thanks

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