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One Property in Foreclosure |
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Two properties, one in foreclosure; can the bank touch the second property? |
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Possibly. If the foreclosure doesn't yield enough to pay off the loan, back taxes and the legal costs of foreclosure, the lender could go to court to seek a deficiency judgment against the owner. (I have been told, though, that in your particular state, that couldn't be done if the foreclosed property was your principal residence.) But anyhow, if the lender did get a judgment, it could be placed against the owner's other property in that county. In some states, it can also be entered in other counties and placed against all other property in the state. |
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Edith
Originally published on September 20, 2007 |
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