Accepted Answer

Thank you for contacting our JA team for guidance.

Since it is not your primary home, it is more likely that a lender would through a judicial foreclosure and get a deficiency judgment against you. This is because the judgment would be an asset offsetting the liability on their books and make them appear more liquid.

The lender can then go after other property you have that is not exempt, including bank accounts and garnish your income for the deficiency as well as attorney fees and other costs connected with obtaining the foreclosure and judgment. They really have no disincentive for doing this unless you file for bankruptcy protection which most people try to avoid at all costs.

Please let me know if you need additional information.


Best regards to you,

TG

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Expert:	Tina G, BBA, JD
Pos. Feedback:	99.1 %
Accepts:
Answered:	11/4/2009

Lawyer.

licensed attorney for 12 years including employment, business, contract, domestic, and general civil