Re: Land Foreclosure
Posted by Julio Martinez-Clark on February 25, 2008 at 11:00:50:
In Reply to: Land Foreclosure
Posted by Sucker on February 24, 2008 at 17:43:31:
Sucker,
Yes, the lien holders could potentially come after your assets. You have to check your state laws to see whether your homestead is exempted or not.
The over due taxes on the lots are usually paid on your behalf by the lien holders to protect their position (county taxes have priority over private mortgages) and will be added to the balance of your debt to them.
The HOA payments will be wiped out at the foreclosure sale. They could still come after you for payment depending on your local laws and the rules of your community.
Foreclosure usually stays in your credit for about 7 years or so.
I hope this helps.
Julio Martinez-Clark
www.Beat-Debt-Collectors.
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