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Barrister
Barrister, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 37803
Experience:  Attorney,16 years experience in consumer protection areas
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A rental property was foreclosed on and sold be the bank in

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A rental property was foreclosed on and sold be the bank in a quick sale. The returns from the sale was not sufficient to cover the loan. Can a third party collection group place a judgement lien on my primary residence in a effort to collect this debt?
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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Can a third party collection group place a judgement lien on my primary residence in a effort to collect this debt?
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Yes, if they have obtained a judgment against you for any deficiency, they can place a lien on the property and attempt to force a sale of it as long as there is more equity in the property than is exempt by law.
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In NC, there is a $35,000 homestead exemption for equity in a person's home that doubles if married. So if you have a home worth $170K and you owe $100K on it, it would be exempt from liening and a forced sale because all the equity is exempt.
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So if you are married, as long as you have less than $70,000 in equity in your home, it is safe.

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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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