If I have more than one property what whappens when one is foreclosed?

Question

I have 3 properties and one shared business. What will happen to the other properties and my wages if one of those properties is foreclosed?

Answer 1

So, it will be sold. If the money is enough to cover your debt, then you are ok.

If not, you need to pony up the rest. May be they will ask you to sell other properties of yours.

Answer 2

There are a some questions that need to be answered. Did you use any of the other properties as collateral to get the mortgage on the home that's being foreclosed? If so, those properties may be in jeopardy.

Is your name on all the properties? If so, they bank may place a lien on one or all of them to cover any losses on the foreclosed property. If you have the properties placed in separate trusts, that may give you some protection.

Call a real estate attorney in your area for state specific information.

Answer 3

There are a some questions that need to be answered. Did you use any of the other properties as collateral to get the mortgage on the home that's being foreclosed? If so, those properties may be in jeopardy.

Is your name on all the properties? If so, they bank may place a lien on one or all of them to cover any losses on the foreclosed property. If you have the properties placed in separate trusts, that may give you some protection.

Call a real estate attorney in your area for state specific information.

Jim Reske, Realtor
Port Charlotte, FL
http://www.flwaterhomes.com

Answer 4

It depends on how title is held on the property. Usually the bank forcloses on the property and decides if it will get a judgement against you for the monies owed. That judgement, in turn can have a lien on your other properties.

If you're in Southern California, contact me and I can help.

Regards

Answer 5

You'll only own one house.

Answer 6

Maybe you should ask that question in here:

http://www.mylot.cjb.net