I someone has a mortgage and goes into default, but has other assets, will the financial institution

If someone has a mortgage and goes into default, but has other assets, will the financial institution come after his other assets to satify the loan obligation, or just reposess the house?

Asked almost 2 years ago

Anonymous

Depends on whether you are in a recourse, or non-recourse state. Best bet is to ask a local real estate attorney for your particular area. Retirement accounts are exempt, so they can’t go after your IRA or 401K.

Answered 4 months ago

Ted Rood ✎
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I someone has a mortgage and goes into default, but has other assets, will the financial institution

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