Foreclosure in Gilbert>Question Details

Bob Young, Other/Just Looking in Queen Creej

Can a lien holder (Heloc) go after other assets of the home owner/co-signer once the house goes into 4closure?

Asked by Bob Young, Queen Creej Thu Feb 12, 2009

1st mortage is bank. Owner has another property (2nd home) different bank

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Your question will be best answered by a real estate lawyer, as we can not practive law nor we are qualified to give that type of advice.

Given that disclosure I can tell you about what I understand. The anti-deficiency statute for mortgages applies only to “purchase money” mortgages, Accordingly, if a mortgage is not “purchase money”, the mortgagee can seek a deficiency. So the general understanding is that the lender can seek a judgement and go after other assets, including other properties, your wages, etc... on HELOCs and other non-purchase money loans.

Again, we are no lawyers here and to be sure you should seek the advice of a lawyer or a qualified professional.

Good luck!

0 votes Thank Flag Link Thu Feb 12, 2009
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