Quote:
Originally Posted by Joan.of.the.Arch
Under some conditions, lenders have the right to sue a borrower for assets beyond the house itself.[/i]
I had not known that about being sued for more by the lender. Well, seems right that they have the right to the full value of the loan---but more beyond the loan?
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I think you might be reading this wrong. I would guess it means they can go for other assets until they seize enough to pay off the loan. I know with our farm loans, our entire farm is the collateral, not just the asset we bought with the loan they gave us. For instance, if we borrowed $20,000 to buy cows and every one of them died, and we fall behind on the payments, the bank can make us sell our tractor, or pickups, our...etc...until we pay that loan off.