Lost a home and the remainder of the mortgages were sold to a 3rd party.

UPDATED: Nov 15, 2018

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Lost a home and the remainder of the mortgages were sold to a 3rd party.

They are now calling me for money, what can the 3rd party do? I have other real
estate, can they take it?

Asked on November 15, 2018 under Real Estate Law, Missouri


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

They cannot directly foreclose on your other real estate, but if they sue you and win--and if their was a remaining balance on the mortgage, they will win, since you had an obligation to pay the loan--and you still don't pay (or don't enter into a mutually agreeable settlement or payment plan), they could put a lien on your other real estate. If they do put on a lien on it, at a minimum, you will not be able to sell it without paying the lien; and they could potentially go through additional legal proceedings to force its sale so that they could be paid. In addition, they could garnish your salary or wages; and if they become aware of any bank or investment accounts you have, or any valuable personal property (e.g. ATV, boat, camper, etc.), they could potentially take money from the account or have the personal propety seized and sold. None of these things are automatic; all take time and effort on their part, working through the correct procedures; but they are possibilites.

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.

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