Posted on: 23rd Nov, 2011 08:51 pm
Hi
we have a home in Florida and are finding the mortgage repayments difficult since my husband was ill. What would happen if the bank forecloses. We still have a $200,000 mortgage. Can they try to get us to pay from our assets in UK where we also have a mortgage.
we have a home in Florida and are finding the mortgage repayments difficult since my husband was ill. What would happen if the bank forecloses. We still have a $200,000 mortgage. Can they try to get us to pay from our assets in UK where we also have a mortgage.
Hi KateryanM,
If you're unable to pay off the mortgage debts, the lender will foreclose the property in order to recover as much debts as possible. If you have other assets in USA, then the lender can place a lien on them after he gets a judgment against you from the court. There are less chances that the lender will come after your assets in UK in order to recover the deficient balance.
Thanks,
Jerry
If you're unable to pay off the mortgage debts, the lender will foreclose the property in order to recover as much debts as possible. If you have other assets in USA, then the lender can place a lien on them after he gets a judgment against you from the court. There are less chances that the lender will come after your assets in UK in order to recover the deficient balance.
Thanks,
Jerry