What is the name of your state? South Carolina and New Jersey
Here is my issue, I bought land in South Carolina 2 years (as investment) and not able to sell it so far. I am thinking of doing foreclosure on it but afraid that bank may put a lien on my primary residence in NJ.
Here is my question: if I do foreclosure and will the bank go after deficiency judgment?
Also how likely is it if bank gets a deficiency judgment, will they collect it or just forgive dept and go for 1099?
Did any one have this type of situation? If yes, did bank go after you assets like money in the bank or put a lien on your primary residence?
I do understand that bank CAN go after your assets, but my question is how often is it done?
Here is information that I found so far ([url]http://www.foreclosure.com/statelaw_SC.html[/url] ) but it would be nice to hear from some one who already did it or doing it now.
Please no general answers, be specific as you can.
Thank you all