The answer is yes, if your state recognizes the deficiency judgment as it pertains to a mortgage deficiency.
There are specific events that must occur prior to a deficiency judgement.
- The mortgage holder of the deficient mortgage must request a judgment from the courts in the county where the real property is located. You may or may not be notified when this occurs.
- The deficiency must be granted by a judge.
- The mortgage holder can now pursue this judgment and may attach any properties that are associated with the mortgagor/s.
There are many ways to protect your other real property assets.
- Real properties can be placed in a trust and I always suggest that you utilize the services of an attorney that specializes in Real Property Trust & Estate Law. Their fee will is minimal as compared to the risk.
- Real properties can be placed in Retirement Plans much like stocks and bonds. These assets are typically protected from many legal actions, including bankruptcy. Again, seek and consult a licensed retirement specialist for more specifics on this process and how it pertains to your circumstances.
Best,
Kris Darney
Platinum Real Estate; CDRE# 01156267
