Legal Question in Real Estate Law in Louisiana

If my home goes into foreclosure can the lien holder go after property that I am a partial owner 1/3, listed under my name then (etels-which is the other partners, a brother & uncle). The property consists of 15 acres and a warehouse that the family business lesses from us. I am asking the mortgage holder to except an offer of Deed in lieu of foreclosure but they(Wells Fargo) have not answered yet, if it matters regarding the other property in etels.

Thank You,

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Asked on 9/17/10, 7:25 am

1 Answer from Attorneys
Martha Amanda Mandi Lucas Mandie Seale Lucas

When a property goes into foreclosure, the lien holder is seizing the property. They will sell it and apply the proceeds to the amount borrowed. If there is money left owing, they would have to file another suit to recover any other monies they feel are owed. If they then received a money judgment against you they could attempt to seize or place liens on anything you may own.

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Answered on 9/22/10, 1:33 pm


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