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Forclosure Can they take my investments? |
I have money in a money market and bank accounts can the mortgage company take it why aren't you using that to pay your mortgage instead of ruining your credit for years If the mortgage company sues you and wins in court they can go after your investments to fufill any losses they take on your mortgage. It depends on which state you live in though as to what is allowed by law. Outside of a sucessful lawsuit your accounts should be safe. This answer is not intended as legal advise, you should consult an attorney in your state to discover just where you stand legally. It depends on the state laws and the mortgage. It depends if it is a recourse loan. If it is a recourse loan, the lender can sue you for a judgment on the amount they do not recover. This is one reason that a short sale or deed in lieu of foreclosure options are better than a foreclosure. Yes legally you owe them that. |
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