Your questions seems to be if my land is for foreclosed on because I am not able to make the monthly payment, could the lender attach other property of mine or come after me for a deficiency judgment.
At least that is what I am getting from your question thus my answer.
When signed your loan docs for the house or property it was listed as collateral.
Normally the lender will only go after the collateral that is on the loan docs, that is the house that you purchased with the loan proceeds provided by this loan.
If you have another property, it will not normally be touched.
Normally lenders use the non-judicial foreclosure procedure in foreclosure. This allows them to take the property immediately after an unsuccessful foreclosure sale. After all the legal papers are complete they can then sell the property to reclaim as much of the loan balance as they can.
Using the non-judicial foreclosure procedure the lender normally will not go after a deficiency judgment against you for any reason and most states will not allow them to. They just want to sell the collateral and get back as much as they can of the loan balance.
If the lender use the judicial foreclosure procedure then they would normally have the ability to go after a deficiency judgment. Under this procedure you normally would have from 30 days to a year to reclaim your house depending on which state you reside in. Since you can reclaim your house the lender can not sell or do anything with it until the redemption period is over. Even though the lender using this foreclosure procedure can normally go after you for a deficiency judgment, they will not.
The reason being is that they would have to go through the court system. With the court system being the way it is it would be to expensive and time consuming.
I hope this has been of some use to you, good luck.
"FIGHT ON"
plz state your query again, it is confusing.
I can help if you are clearer.
[any RE whose loan is not paid will cause the lender
to repossess.]
You will go into forclosure and lose it and it will ruin your credit for a decade. Your best bet is to sell it to an investor before that happens. They can take over the payments and if you have some equity you may even get some cash in your pocket. And best of all you would be able to get a loan for a car or whatever again because it wont hurt your credit.
I am actually an investor send me an email to this account tell me some basic info about your property like how much land and where its located.
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