What could happen...

Posted by Ward-CA- on October 27, 2002 at 01:20:13:

: I have 2 loans on my property- 1st and 2nd. Both are in default and have not been paid on since 7/02. I am going to try to sell- but if I can't foreclosure is my only option. The loans exceed the value of my home. What can the 2 banks take from me? I have another property that I use as a rental and I am just starting a business. I am afraid of losing both- could this happen?

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After the foreclosure sale and final disposition of your property, the lenders very well might have the right to sue you for any deficiency owed them on the loans made to you.

Any money judgments they might get could be recorded as abstracts of judgment and automatically attach to the title of any other real estate recorded in your name in that county. The judgments would stick to such property like super glue until you paid off the judgments.

You asked what could happen and I’ve responded from that angle. But just remember that many lenders don’t exercise their deficiency rights because they feel it will just be a waste of more money.

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Comments:
: : I have 2 loans on my property- 1st and 2nd.  Both are in default and have not been paid on since 7/02.  I am going to try to sell- but if I can't foreclosure is my only option.  The loans exceed the value of my home.  What can the 2 banks take from me?  I have another property that I use as a rental and I am just starting a business.  I am afraid of losing both- could this happen?

: =•=•=•=•=•=•=•=•=•=•=•=

: After the foreclosure sale and final disposition of your property, the lenders very well might have the right to sue you for any deficiency owed them on the loans made to you.

: Any money judgments they might get could be recorded as abstracts of judgment and automatically attach to the title of any other real estate recorded in your name in that county. The judgments would stick to such property like super glue until you paid off the judgments.

: You asked what could happen and I’ve responded from that angle. But just remember that many lenders don’t exercise their deficiency rights because they feel it will just be a waste of more money.


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