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debnpat · Joined: 07 May 2009 Posts: 2 1.00 Dollars($)

My home is in foreclosure. I owe 140K, the house only apprased at 90k. if the mortgage company gets a deficiancy judgement against me will they sieze my assets? i own land in another part of town valued at 50k.this is the ONLY asset i have. will they get a lien against it/

smithsussane · Posted: Thu May 07, 2009 7:35 pm Post subject:

Hi debnpat!

Welcome to forums!

Yes, the mortgage company can place lien on the land that you own if you are unable to pay the deficient amount. The lender may even garnish your savings account or pay check to recover the deficient amount.

Feel free to ask if you have further queries.

Sussane

debnpat · Joined: 07 May 2009 Posts: 2 1.00 Dollars($)

if i gift the land to someone else would it be protected?

jameshogg · Posted: Fri May 08, 2009 8:14 pm Post subject:

Hi debnpat,

As your property is already in foreclosure, I don't think gifting the land to someone else will protect it. Your creditor may consider this as a fraudulent transfer and you can be penalized for it.

Thanks

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Deficiancy judgement- can they take my assets?