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We find ourselves being forclosed on our home, we have an office bldg with apartment that we now live in, can the bank now come after us and our office bldg/home? thank you
State/Country relating to Question: North Carolina Already Tried: nothing
If your home is foreclosed upon, the mortgage company can only take over the home itself, they do not automatically have the ability to come after any other property, including the office building.
If their is equity in the home and the debt attached to the home is fully satisfied, that should be the end of the story. If not, then there will likely be a deficiency judgment, meaning you will still owe the mortgage company money. In that case, the mortgage company could ultimately place a lien against the office building. However, if you don't sell the building, they may never be able to collect on the lien.
So, the short answer is no, the bank won't come after the office building.
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I have 15 years experience in the legal field, currently specializing in criminal and family law