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How does a Foreclosure on an Investment Property work? Are there any differences with Owner Occupied Foreclosures?
I own several properties, including an investment property and my home. I’m considering an investment property foreclosure, since I can barely make my bills as it is. If I have an investment property foreclosure and they take the investment house, can they come after me and try to take the house that I live in too?
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Answers (1)
Generally, a bank who forecloses on a home is only able to seize the home that they are foreclosing on, as that particular home is securing the defaulted mortgage debt. However, if after the investment property foreclosure the bank is left with a large unpaid balance, then they may attempt to get a judgment against you in court for the difference between what you owed and the amount of money they got form the sale of the foreclosed investment property. If this is the case and the court finds against you, the court can put a lien on your main home or on other properties you possess if you are unable to pay the judgment on the balance remaining after the investment property foreclosure. Before foreclosing, you should speak to a qualified attorney with experience in investment property foreclosure to discuss possible outcomes of your decision.
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Posted by Christy Rakoczy on 22 Jan 2010