Foreclosure on investment property

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Foreclosure on investment property

Can the bank take another piece of investment property that has no mortgage attached to it as ‘payment’ for investment property in foreclosure?

Asked on June 22, 2009 under Real Estate Law, California

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I'm not a California attorney, and the law and procedure can differ from one state to the next, but unless you agreed to this in advance, somehow, I'd say that the only way they can take a piece of property they have no lien on would be by completing the foreclosure including the sale, suing you and getting a deficiency judgment for the balance of the loan left after the sale, and then executing that judgment on the other property, with notice to you along the way.

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