Lost a home and the remainder of the mortgages were sold to a 3rd party.
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Lost a home and the remainder of the mortgages were sold to a 3rd party.
They are now calling me for money, what can the 3rd party do? I have other real
estate, can they take it?
Asked on November 15, 2018 under Real Estate Law, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
They cannot directly foreclose on your other real estate, but if they sue you and win--and if their was a remaining balance on the mortgage, they will win, since you had an obligation to pay the loan--and you still don't pay (or don't enter into a mutually agreeable settlement or payment plan), they could put a lien on your other real estate. If they do put on a lien on it, at a minimum, you will not be able to sell it without paying the lien; and they could potentially go through additional legal proceedings to force its sale so that they could be paid. In addition, they could garnish your salary or wages; and if they become aware of any bank or investment accounts you have, or any valuable personal property (e.g. ATV, boat, camper, etc.), they could potentially take money from the account or have the personal propety seized and sold. None of these things are automatic; all take time and effort on their part, working through the correct procedures; but they are possibilites.
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