Foreclosed Motorcycles
September 30th, 2008
Foreclosed Motorcycles
Question: If my home gets foreclosed on,will they take away any assets i own? like motorcycles or cars I'm still paying
I am looking for a way out of my house due to the fact that we are moving by july4th and I know the house will not sell by then so i can see forclosure as my only way out.
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Answer: No. Depending on the situation, you may get money back. If the house is worth more than you owe, you will get the remainder after the note is paid off. If that's the case, it's in your best interest to take care of the place and get as much as you can.
If you're upside down in your loan, you don't care about the place. All your lender can get is the proceeds from the sale of the asset you put up as collateral: the house.
July 16 Biz Minute
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