Posted on: 07th May, 2009 06:40 pm
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/
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
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
if i gift the land to someone else would it be protected?
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
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