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:
If your mortgage does not have an exculpatory clause, you still owe the debt after foreclosure. An exculpatory clause means the lender can only recover the sale proceeds and cancels any remaining debt. This clause is common in commercial loans but rare in residential mortgages.
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