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Marcus Parker
Marcus Parker, Attorney
Category: Bankruptcy Law
Satisfied Customers: 460
Experience:  practicing attorney including bankruptcy
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If you go into foreclosure, is there money that cannot be touched

Customer Question

If you go into foreclosure, is there money that cannot be touched by creditors?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Marcus Parker replied 8 years ago.

You are not using the term foreclosure in a way that makes total sense, so I suspect that you may be using the wrong term. "Foreclosure" refers to a procedure by which a mortgagee (a bank, for example) takes action to take the real property securing it's loan.


The mortgagee can foreclose on the mortgaged property. It cannot touch other property, such as your cash or your annuity, except if they were to sue you for a deficiency and attempt to execute on such a judgment.

Customer: replied 8 years ago.

In other words, they can touch my other assets such as cash if they decide to sue. Is this correct?


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