Personal Assets at Risk due to investment foreclosure

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Icon Mini Profile vcutajar





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Post Posted: Sat Oct 24, 2009 7:57 am    Post subject: Personal Assets at Risk due to investment foreclosure
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My wife and I purchased an investment property, lot, in South Carolina and we live in North Carolina. The property is being foreclosed. Can the bank force us to sell other properties we have in north carolina, i.e. rental properties and personal home to satisfy the note? Can they take our cars and boat? Can they access our bank accounts?

what if anything can the bank do to satisfy the note on the property?

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Icon Mini Profile sunnyca2009





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Post Posted: Sat Oct 24, 2009 11:09 am    Post subject:
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Absoutley

The lender can come after you for the dificiant amount if that property was bought in your name
Icon Mini Profile raymond
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Post Posted: Sat Oct 24, 2009 3:55 pm    Post subject:
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>>Can the bank force us to sell other properties we have in north carolina, i.e. rental properties and personal home to satisfy the note? Can they take our cars and boat? Can they access our bank accounts?


No, but they'll place a foreclosure on your credit and sue you for their losses.

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Icon Mini Profile UMAR_MUGHAL76





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Post Posted: Tue Oct 27, 2009 1:39 am    Post subject:
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hi



I really hope you founded a c-corp or LLC to buy that land - otherwise its potentially some real trouble for you.

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Icon Mini Profile gmakerley
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Post Posted: Tue Oct 27, 2009 9:12 am    Post subject:
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i don't subscribe to the theory that lenders will leave no stone unturned to get their money back if there's a loss with a foreclosure. for your lender to come after your other real estate, autos, other goods, etc. is such a stretch as to be unbelievable. can they seek judgment for a deficiency? of course, they can. enforcing the judgment could result in a lien on other real estate, yes; but that's not likely to lead to a loss of that real estate, unless you have far more serious problems than you've told us about.
as for grabbing other assets, that's just plain hooey. lenders have no desire to become owners of automobiles, boats, etc. what then? they'd have to sell them. and they are not in the retail selling business - they make loans.

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mikeintrouble

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Post Posted: Fri Jul 09, 2010 2:12 pm    Post subject: Foreclosure
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I own property in a different state than the one I live in. If the laws are different in both states which one will I be liable in?

I am also wondering about money in bank and stock market. Will the banks be able to touch that money in a foreclosure?
Icon Mini Profile jerry
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Post Posted: Sat Jul 10, 2010 2:33 am    Post subject:
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Hi Guest,

The laws of the state where your property is located will be considered when your home is foreclosed by the lender. Depending upon that law, the lender may or may not come after you for the deficient balance resulting from the foreclosure sale.

Thanks,

Jerry
Icon Mini Profile gmakerley
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Post Posted: Tue Jul 13, 2010 8:22 am    Post subject:
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Jerry is right.
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Jojo

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Post Posted: Thu Aug 12, 2010 8:51 pm    Post subject: Foreclosed Property in Hawaii
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I have a foreclosed rental property in Hawaii and I'm living here in Maryland. In case of deficiency judgement, can the lender go after my personal assets here in Maryland?
Icon Mini Profile adonis
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Post Posted: Fri Aug 13, 2010 12:30 am    Post subject:
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Welcome Jojo,

The lender in Hawaii may go after your personal assets in Maryland to recover his dues. However, in order to do so, he'll have to get a judgment from the court of Maryland against you.

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