Can a lender that forecloses on a second home attach savings accounts and/or my primary home’s equity?

Asked on February 1, 2016 under Real Estate Law, South Carolina


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes, the lender may either sue you personally for the money instead of foreclosing; or if they foreclose and the equity in the 2nd home is not sufficient to pay off the remaining balance of the loan, they can seek a "deficiency judgment" against you (i.e. sue you for the unpaid balance). If they do and you don't pay the judgment, they can levy or execute upon bank or brokerage accounts, or put a lien on other real estate you own.

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