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forclosure

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poreilly Joined: 02 Dec 2010 Posts: 1 1.00 Dollars($)	Posted: Thu Dec 02, 2010 11:47 am    Post subject: forclosure Like 0 Dislike 0 If a bank forecloses on a home, can they take everything in the house as well? Can they take possession of their vehicles, which are paid for? My sister and her husband are having major financial difficulties. Although my brother-in-law has had a teaching job for 4 years and a part time job on weekends, my sister is physically and mentally not able to work. They have tried to sell their home in Pearland, Tx. but were not able to do so. My sister tells me that the bank is trying to sell it now, though I'm not sure that this is accurate. My brother-in-law is in a depression and I am trying to help find answers for them. Obviously I know next to nothing about this process, though I have been trying to research the process on the internet. I couldn't find any information regarding the question as to what the bank can take and what it can't.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Dec 02, 2010 8:14 pm    Post subject: Like 0 Dislike 0 Welcome poreilly, The bank will only foreclose the property in order to recover its dues. If the vehicles are paid for, then the lender will not be able to come after them. Moreover, the lender won't be able to come after your personal assets. However, if you're unable to pay off the deficient balance resulting from the property sale, then the lender will be able to come after your vehicles and place a lien on it. _________________ Procrastination is the enemy of your financial success

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