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    7777out's Avatar
    7777out Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 11, 2007, 07:33 AM
    Forecloseing laws
    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's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    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's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Sep 11, 2007, 07:50 AM
    Since its investment property its not an exempt asset. So they will go after it.
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