Legal Question in Real Estate Law in Pennsylvania
property in foreclosure,poss sherriff sale,3 owners 1 listed on loan as non-borrower but has name on deed,
this person owns their own home, is their property in jeopardy?
1 Answer from Attorneys
Yes and no. Directly, no. Just because person A is an owner of land in foreclosure does not mean that person A's own home is directly at risk.
The problem is in the deficiency laws. PA appears to allow actions for a deficiency. The action can be brought against all of the owners of the property. I don't know what assets person A has or does not have, but person A needs to consult a real estate foreclosure attorney to find out whether a deficiency action is likely and what the liability will be if that occurs. If person A has assets and the lender recovers a deficiency judgment, then that judgment becomes a lien on person A's real and personal property and any judgment can be executed (collected) on.