View Full Version : Forecloseing laws
7777out
Sep 11, 2007, 07:33 AM
I have a house in New Jersey that will be in foreclosing soon and a land lot in Florida that will be going into forclosing I owe more than they are worth but I own another land lot in Florida that I own out right without no mortgage can they put a lien on it or try to take it from me thanks tony
excon
Sep 11, 2007, 07:48 AM
Hello 7:
Yes.
They're going to sue you for the difference between what they sell your property for at auction and what you owe. You'll lose. They'll lien your other property and you'll have to pay it off before you sell it.
excon
ScottGem
Sep 11, 2007, 07:50 AM
Since its investment property its not an exempt asset. So they will go after it.