Legal Question in Banking Law in Pennsylvania

Re: morgage can't make payment

You asked if a mortgage holder can take another property unrelated to the mortgaged premises.

Maybe. Once the mortgaged premises are foreclosed and sold there will either be an excess or a deficiency. If there is an excess (the property sold for more than you owed plus costs of sale) then you will get some money back. That never happens.

If the property is sold for less than is owed plus costs of sale then there is a deficiency. The deficiency is reduced to a judgment and the judgment creditor can then exercise the judgment. If no payment is forthcoming then the creditor can seize assets, including other properties of the judgment debtor.

Bet bankruptcy is looking better and better now.

Regards,

Roger