During Foreclosure, does the bank have a right to collect the money from your other assests,incuding accounts?
May 27, 2009 in
Financial and Loan Tips
highwaysoul
It is hard to find info about the person being foreclosed on, and what are the steps that happen to them. Does the bank try to get a collecting agency to liquidate all your assets, so they get their money?
Is there anyone that has been through foreclosure in Florida, that can explain and advise me of the process, for the person being foreclosed? Leave your email and I will contact you.
It is hard to find info about the person being foreclosed on, and what are the steps that happen to them. Does the bank try to get a collecting agency to liquidate all your assets, so they get their money?
Is there anyone that has been through foreclosure in Florida, that can explain and advise me of the process, for the person being foreclosed? Leave your email and I will contact you.
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3 comments
Photographer on May 30, 2009 at 10:52 pm
They will send you a red envelope with a 14 day notice to evacuate, then the Sherriff will come to make sure the house is vacant.
They cant take out any money from your accounts…. but if u ever cash out on ur property they can put a judgement against u.
Please go to this website:
This is the only company I have found that is a reputable loss mitagition company that WONT charge anything upfront…. they will only charge you IF THEY CAN HELP,… unlike those other companies requesting anywhere from $1800-2500.00 UPFRONT, yet they cant gareentee they can really help….. ALMA cant either but at least they dont charge unless they do help.
Randall Parker, MBA on June 3, 2009 at 10:24 am
Unless you live in a recourse state, a first TD or first mortgage holder may only take the property in satisfaction of the debt. They have no claim to any other assets of the borrower.
If the loan is a second or subsequent lien, they may pursue a recourse action against the borrower up to the amount required to recover the outstanding liability and any collection costs. They may turn the account over to a collection agency, bring a lawsuit, or both.
Unless they acquire a judgment, they cannot go after any personal assets (i.e. bank accounts) or garnish wages. Post-judgment, these and other collection/enforcement methods are available to them.
Florida does not a appear to be a non-recourse state, so in a judicial foreclosure, it is possible that you could wind-up with a money judgment against you. If this applies to you, I would highly recommend that you try to work out a short-sale agreement with your lender.
Good luck to you!
Jennifer on June 3, 2009 at 4:20 pm
Hi,
I used “Credit Solution” to settle my debt and avoid foreclosure.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here: