Can a 2nd holder take my business in a judgement?

Submitted by Matt from - 04/10/2008 - 11:58am

Hi,

I can no longer afford my house, the property value has decreased to a point where I can not sell ( been on the market for 2 years). I have a second mortgage from a private lender. my house will most likely only fetch enough to pay the first mortgage holder.

Can the 2nd holder try to take my small business from me in a judgement?

Thanks,

Matt

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Comments

Submitted by Support - 04/10/2008 - 12:03pm

Hi Matt,

Whether or not the lender can get a judgment depends on a few things. Notably which state you are in, and whether or not the private money 2nd was a purchase money loan (ie made at the time you purchased the property). Even if the lender can get a judgment that alone would not allow him to take your small business.

Best Regards.

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