What assets can be taken in a property forclosure?
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What assets can be taken in a property forclosure?
What assets can the bank take? I do not have many assets now – a paid off car, a couple of thousand bucks to pay my rent in rental apartment and I am a signature on partners’ bank account and JWROS from parent. Can that be taken? It’s not my primary accounts.
Asked on September 1, 2017 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Anything *you* own presently is vulnerable to creditors, so if you still owe the lender money after the forclosure (i.e. the property is not worth enough to fully pay off the loan), they can potentially get your paid-off car and your money in your bank account. Being signatory on someone else's account should not expose your partner's money (assuming that if questioned, your partner can provide evidence that all the money in the account came from your partner, not you--if you put your money in the account, that money is vulnerable). As for the parental account: again, any money in the account you put there is something the creditor(s) can reach.
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