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If I have a rental home that is going into foreclosure, can the bank go after my personal residence, my IRA, or my social sec...

If I have a rental home that is going into foreclosure, can the bank go after my personal residence, my IRA, or my social sec...

Q: What do banks do with foreclosed properties?

After a foreclosure, banks typically sell the property at auction or through real estate listings to recover the outstanding mortgage balance. They may also hold onto the property as an asset until market conditions improve. The goal is to minimize losses from the foreclosure process.

Q: Can a mortgage company come after you after foreclosure?

In some cases, yes. If the foreclosure sale does not cover the mortgage balance, the lender may seek a deficiency judgment against the borrower for the remaining amount. However, many states have laws that limit the lender's ability to pursue borrowers for deficiencies after foreclosure. Check your state's laws for specifics.

Q: Can a bank come after you after foreclosure?

Yes, a bank can come after you for a deficiency judgment if the foreclosure sale does not fully satisfy the mortgage debt. However, many states have protections that can prevent lenders from pursuing borrowers for deficiencies under certain circumstances. It's important to review your state's laws to understand your rights.

Full question:

If I have a rental home that is going into foreclosure, can the bank go after my personal residence, my IRA, or my social security check?

Category: Real Property
Subcategory: Foreclosure
Date: 04/07/2025
State: Florida

Answer:

Social security benefits may not be garnished by a private mortgage lender. Please see the information at the following links:

http://definitions.uslegal.com/f/foreclosure/

http://lawdigest.uslegal.com/real-estate-laws/homestead/7129/

http://lawdigest.uslegal.com/real-estate-laws/foreclosure/7358/http://www.socialsecurity.gov/OP_Home/handbook/handbook.01/handbook-0129.html

http://www.gulfcoastlegal.org/brochure.garnishment%20on%20full%20pages.pdf

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.

FAQs

Can a bank come after you after a short sale?

Yes, a bank can pursue a deficiency judgment after a short sale if the sale price does not cover the remaining mortgage balance. However, many states have laws that limit or prohibit banks from pursuing borrowers for deficiencies in certain situations. It's important to check your state's specific laws regarding short sales and deficiency judgments.

What do banks do with foreclosed properties?

What is the 120 day rule for foreclosure?

The 120-day rule refers to the requirement that lenders must wait at least 120 days after a borrower defaults on a mortgage before initiating foreclosure proceedings. This rule is designed to give borrowers time to catch up on payments or explore alternatives like loan modifications. This rule can vary by state, so it's important to check local laws.

Does foreclosure affect renting?

Yes, foreclosure can affect renting. If a property is foreclosed, tenants may have to vacate the premises, often with little notice. However, some laws protect tenants, allowing them to stay until the end of their lease or requiring the new owner to honor existing leases. It's essential to understand your rights as a tenant in a foreclosure situation.