Can the mortgage company come after your assets after forclosure?

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Icon Mini Profile kelihoffman





Joined: 07 Sep 2010

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Post Posted: Tue Sep 07, 2010 1:34 pm    Post subject: Can the mortgage company come after your assets after forclo
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We are upside down by about $70k on our mortgage and now the house is in desperate need of repairs. I hate to put anymore money into a already bad situation. If we were to forclose can the mortgage company come after any of our assets, such as land and personal property?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Tue Sep 07, 2010 10:20 pm    Post subject:
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Hi kelihoffman,

After the lender forecloses the property, you would be liable for paying the balance amount resulting from the sale. If you're unable to pay the balance amount, the lender can file a lawsuit against you and place liens on your other assets.

Thanks
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