Full question:
If any money is left owing on a property that is foreclosed can the mortgage company garnishee pension and social security?
- Category: Real Property
- Date:
- State: Indiana
Answer:
Unless your mortgage instrument contains an exculpatory clause, you will still owe the debt. An exculpatory clause is a clause whereby the lender agrees that if it forecloses, it only will get the proceeds of the sale and the rest of the debt will be cancelled. This type of clause is commonly used in commercial transactions, but not residential loans.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
