If any money is left owing on a property can the mortgage company garnishee pension and social security?
Full Question:
If any money is left owing on a property that is foreclosed can the mortgage company garnishee pension and social security?
05/23/2007 |
Category: Real Property |
State: Indiana |
#5747
Answer:
Unless your mortgage instrument contains an exculpatory clause, you will still owe the debt. An exculpatory clause is a clause whereby the lender agrees that if it forecloses, it only will get the proceeds of the sale and the rest of the debt will be cancelled. This type of clause is commonly used in commercial transactions, but not residential loans.