02-13-2008, 10:42 PM
| | Junior Member | | Join Date: Feb 2008
Posts: 1
| |  Security Interest
What is the name of your state? North Carolina
On the contract I have for land that I purchased the land is specifically listed as the security interest for the loan. If I default on the loan, is the bank only entitled to the security interest? in this case the land.
Or, are my personal assets at risk also? |
02-14-2008, 09:43 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 4,978
| | | They are immediately eligible to foreclose on the land (and it's improvements if you make any). If that doesn't pay off what they are owed, then they CAN in North Carolina pursue a deficiency judgment against you which jeopardizes your other assets. | |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes | Rate This Thread |  Linear Mode | | 
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | | |
|
All times are GMT -5. The time now is 09:10 PM.
