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Does NJ deficiency law allow a lender to sue a borrower and/or place a lien on assets such as income from a TRUST or the principal of a TRUST if their home is foreclosed and sold at a lost to the lender?

sara · Posted: Tue Mar 09, 2010 2:04 am Post subject:

Hi Ken,

Deficiency judgment is allowed in New Jersey. The lender will be able to sue you for the deficient balance after the foreclosure sale. If you are unable to pay off the balance amount, then the lender can place a lien on your other properties or garnish your savings account.

Take care.

Guest

Sara,

If bank issues a deficiency order to me and I do not give them my savings account details, can they find my accounts and garnish them? Also can they garnish life insurances? Thanks

adonis · Posted: Mon Feb 07, 2011 12:22 am Post subject:

Welcome corinne,

If a judgment is issued by the court, then you'll have to provide them with the savings account details. If you do not follow the court order, then the court may issue arrest warrant against you.

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