Posted on: 07th Nov, 2010 08:28 pm
I am not in default on a vacant property loan, however I see the possibility of that happening in the future. I have other property that have equity,but loans against same. If lender on vacant property was not paid and he received a judgement against me can he force the sale of any assets I own if they have loans against them? Can he go against bank accounts? Pension plans? 401K plans? Stock holdings? Could he pay off a loan I owe then go against that property assuming it has additional equity he would recover in a sale?
Hi jdshep!
Welcome to forums!
If the loan against the vacant property is not paid off, then the lender will try to get a judgment and place a lien on the same property. He will try to sell off that property and recover his dues. If he doesn't receive his dues in full, then he can garnish your bank accounts or your wages but he won't go after your retirement funds.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the loan against the vacant property is not paid off, then the lender will try to get a judgment and place a lien on the same property. He will try to sell off that property and recover his dues. If he doesn't receive his dues in full, then he can garnish your bank accounts or your wages but he won't go after your retirement funds.
Feel free to ask if you've further queries.
Sussane