If my home goes into foreclosure, will they come after my assets

The answer to this varies by the state u live in as well as the type of loan(s) u may have against the home.

In certain states, the banks cannot come after u for the deficiency balance for a purchase money mortgage (funds u use to buy the property) but can do so if it is not purchase money (a cash out refi) while other states make no distinction between the two.

After a foreclosure, the bank can sue for the deficiency to try to recoup their loss, but unless they KNOW u r very well off this is rare because they have to hire an attorney to do so & there is only a slim chance that the court will side with the bank & even if they do there is usually no way to know if the borrower will have any assets anyway. If the borrower does not & a judgment is filed the borrower will usually file for bankruptcy anyway which means the bank gets zero.

If the bank gets zero they still have to pay for the attorney to file for the suit so it is like thrown good money after bad for them.

I would suggest that u never disclose to ur bank that u have those assets if u r going to let the house go.

The banks have the option to go after your assets to try to minimize their losses, however - most banks do not. Your credit will show the foreclosure has taken place, then it will show a Charge Off for whatever the banks loss is after the auction. You will have to claim the banks loss as an income for your 2009 taxes and pay taxes on it (i.e. you will not walk away without repercussions and may actually have to liquidate your IRA to pay the taxes that will be due.

If it was the Creditor which defaulted they could only foreclose your house. Although if the default was on your fault then they can collect on a few more things, although they can not try to legally claim any money you have in anysavings account that was not directed for the mortgage