Wednesday, September 23, 2009

My house is going into Foreclosure and I have a Vacant Land will that get taken away too?

When I got a loan from the bank I ended up getting $30000.00 out in cash and with that money I bought a vacant land, now that my primary residence is going into foreclosure will they take my land away even if they don't know that I bought that land with the money I took out of the loan.


no cause it's not tied in,

after they auction your house they can put a lien on it for whatever the difference between what they sold it for and what they recieved

Unless the lot is tied to the mortgage, no they can't foreclose on it at the same time.

HOWEVER, if you foreclose on the house, YOU WILL OWE the difference and the IRS will tax you. YOU CAN"T JUST WALK AWAY.

The real estate guy's answer is better and more knowledgeable.

yep, they wil take all of your assets to supplement your house loan.

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