Can a lender put a lien on my business and/or property, or force me to sell it? Can they come after my car,?

Tod Miles
Both Buyer and Seller
Cordes Lakes, AZ

belongings, savings/checking accounts, 401K, garnish wages?

Answers (1)
Paul Cadinha
Broker
Red Bluff, CA
FIRST ANSWER

Under a Deed of Trust, only the "pledged " or collateralized property is at risk. This Deed of Trust IS a LIEN on the property. If you have a Mortgage, commonly used outside of California, unless something specific was added to the language of the document, only the property is at risk. A Mortgage of Chattels, or Chattels Mortgage, however , is not the same. Under this promisory note, you pledged pretty much everything, all your possessions (chattels, an Old english term) this is not commonly used except by hard money lenders and such.

Fri Oct 31 2008, 17:41

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