What happens to your other properties if you foreclose on one of your investment homes? and Premier Opens Hong Kong Trade and Investment Office

What happens to your other properties if you foreclose on one of your investment homes?

Can the government/mortgage company go after your other assets if you foreclose on one of your investment homes?


Investment best answer:

Answer by RM
If the foreclosed home sells for a lot less than your mortgage, the lender may sue you for damages and the difference. Some states allow them to go after assets and garnish wages. Foreclosure combined with lawsuit will pretty much ruin your credit for 5-7 years so hopefully you don't have to refinance or purchase anything else for a while- whether it be a home or a car.

However, as long as you stay current on your other mortgages as agreed they can't legally take away other homes for no reason.

I would make sure you're early paying your other properties though... because if they see a foreclosure on your record after you make a late payment they'll probably foreclose a lot quicker.

Investment

Premier Opens Hong Kong Trade and Investment Office


Image by BC Gov Photos
Premier Christy Clark announced a new trade and investment office will be opened in Hong Kong to increase British Columbia's economic ties with the global financial centre.

Learn more: www.newsroom.gov.bc.ca/2012/09/premier-opens-hong-kong-tr...

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