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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Can my state of pennsylvannia house be leined and taken away from me.

Customer Question

i own two north carolina propertys on the outer banks (lots). I have been trying to sale them but cannot so far at this time. i cannot aford to carry them any more. If I default on the loans can i loose my residence where i live in Pennsyvannia even if i maintain my mortgage satisfactorly. What do you see as my future. both propertys when purchased i put 20% down.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.
Hello,

Thank you for your question. I am happy to assist you.

 

If you do not pay your mortgage, a lender can foreclose on your property. North Carolina does not have an anti-deficiency statute. Deficiency judgments resulting from foreclosure can be obtained in North Carolina.


A lender can take action to collect on a deficiency judgment, including garnishing bank accounts, liening your home in PA and other assets.


One possible solution is called a "deed in lieu of foreclosure".


This procedure allows you to transfer your property voluntarily to your lender or Mortgage Company in exchange for forgiveness of your indebtedness.
Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.
do you mean if i pay my motgage on mt peensylvannia property even if it has a lein they cannot force me to sell it.
Customer: replied 8 years ago.
thanks but can you be more specific . if my house has a lein on it can the lender force me t0 sell it. thanks
Expert:  Ellen replied 8 years ago.
The lender can obtain a deficiency judgment and record the deficiency judgment against your home. It would be a lien secondary to your existing mortgage. When you sell the house, it would need to be paid.