I've read some of these answers and obviously the opinions vary dramitically. I am under the impression that a lender could place a lien on other holdings. But now, I am not so sure.
Here are some things I found on-line, the link to the full article is below...
1. The lender can obtain a judgment against you to recover the deficiency. He has to file a separate motion/lawsuit for a deficiency once the foreclosure sale is complete. The court then holds a hearing to decide if a deficiency judgment can be allowed against you. At the hearing, the lender has to prove that the property value is indeed less than what you owe.
2. Deficiency judgment Florida allows lenders to come after your wages, levy your bank accounts and put liens on your other properties. However, there are certain assets which are exempt from judgments. They include IRA, 401k, other retirement accounts, social security income, unemployment benefits, workers compensation, etc. Your lender has the right to collect on that judgment for 20 years. The interest will accrue every year till it is paid in full. Apart from this, the judgment will show up on your credit report for 7 years and will affect your credit scores adversely.
3. Homestead properties are not protected from judgments for mortgage liens. You can protect your home from creditors of unsecured debts under homestead protection. But lenders, who have financed purchase, repair, improvement, etc. of your home, hold a lien on your property. If you default on such secured loans, your home is not protected from judgments.
â‰ˆâ‰ˆâ‰ˆ Mott Marvin Kornicki, REALTORÂ® â‰ˆâ‰ˆâ‰ˆ
Aventura | Bal Harbour | Sunny Isles Beach
â‰ˆâ‰ˆâ‰ˆâ‰ˆâ‰ˆâ‰ˆ "â˜…â€ This is the House â€œâ˜…" â‰ˆâ‰ˆâ‰ˆâ‰ˆâ‰ˆâ‰ˆ