If a bank forecloses on a home, can it keep personal property that is inside?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If a bank forecloses on a home, can it keep personal property that is inside?
I have been paying my father $400 a month to pay on mortgage and come to find out that he is not been paying for quite some time and they are threatening to foreclose on the home can they take my personal property
Asked on November 30, 2010 under Real Estate Law, Pennsylvania
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
No, they can not take your personal property inside the home when they foreclose because the foreclosure is for the real property. They can, though levy against the personal property of the home owner should there be a deficiency judgement rendered against the owner. A deficiency judgement is one that occurs when the house sells for less than the mortgage. The mortgage then becomes a creditor and can come after the debtor. You might want to step in here before the matter gets worse. Speak with your Father. maybe he wants to hand the house over to the bank and that would be a deed in lieu of foreclosure. Or maybe he would want to modify the mortgage. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.