Posted on: 29th Jun, 2009 11:13 am
I have a condo in Hawaii that is going into foreclosure. I expect the deficiency will be at least $300,000. I live in California and have two rental properties here that I depend on for income. Can my rental properties be taken away from me through a deficiency judgment? What will happen with a deficiency judgment?
Hi cp,
The mortgage company can foreclose on the condo in Hawaii. But they cannot take away your other two rental properties in California. The lender can take only the property that is kept as a collateral. If your rental properties are not collaterals for loan you have defaulted on, they should be protected from the foreclosure.
The mortgage company can foreclose on the condo in Hawaii. But they cannot take away your other two rental properties in California. The lender can take only the property that is kept as a collateral. If your rental properties are not collaterals for loan you have defaulted on, they should be protected from the foreclosure.
If CP gets a deficiency judgement for $300,000, where and how does the bank get the money for the deficiency judgement? Is CP's salary garnished? Are CP's bank accounts taken?
Hi Guest!
Welcome to forums!
The CP's salary can be garnished or if CP has any other property, then the lender can place a lien on it. The lender even place a lien on CP's bank account. But in order to do place a lien, the lender will have to file a lawsuit and get a judgment.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The CP's salary can be garnished or if CP has any other property, then the lender can place a lien on it. The lender even place a lien on CP's bank account. But in order to do place a lien, the lender will have to file a lawsuit and get a judgment.
Feel free to ask if you've further queries.
Sussane
It was me above... just forgot to login. :)