In a foreclosure, can any of your future assets be taken?
Question:
Answer:
Yes, sort of.
Foreclosure is a process whereby the mortgage holder (mortgagee) takes and sells your home (the collateral) for the purposes of getting the loan repaid. If someone bids enough to pay off that loan plus any others, then you are all set. In fact if someone bids higher than your outstanding loans, then you get what is leftover.
If no one bids as high as your loan, then the mortgagee has the right to take the property and continue to pursue you up to the debt amount plus related collection and foreclosure costs.
(the actual processes and terminology slightly more detailed, but this is it in a nutshell)
Good Luck.
Ed
...no...
Well, if you have a IRS tax lien on your home or name, you will still have to pay it.Even if they foreclose on the home.Foreclosures on 2nd and 3rd liens will be cleared, but on state and federal liens, you will still have to pay, unless, the buyer of your home, pays over what you owe, then any monies left will go to pay these liens.
Future assets are untenable. How could they be taken from you? They are not a reality. If such a thing were to happen move to a consumer friendly state: Louisiana, Florida, Texas, New Mexico, Arizona, California. Tell them to stuff it, in the future.
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