Legal Question in Credit and Debt Law in Missouri
foreclosure deficiency, what happens?
We have a house that we purchased 6 years ago and is close to falling into foreclosure. We have tried to sell it, but can't get close to what we owe on it. About 6 months ago, my husbands mom passed and we have her house free and clear.
If the 1st house does get forclosed on, can they take our other house for the deficiency? We live in the one that my mother in law left us. We don't want to lose our home! I asked this question before, but didn't get a response, thank you!!!
1 Answer from Attorneys
Re: foreclosure deficiency, what happens?
It depends entirely on the kind of note you have with the house. If the house that is to be foreclosed upon provides for recourse for a deficiency judgment, it is possible that the court would permit the creditor to place a lien on your other home, or perhaps allow a creditor to garnish wages or execute on personal property.
You need to seek legal advice from someone who can read your promissory note and security agreement and give you specific advice on your situation.
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