Comments on: I own investment property. What are my liabilities if the property is foreclosed? http://property-investment101.com/property-investment-advice/i-own-investment-property-what-are-my-liabilities-if-the-property-is-foreclosed/ The Best Investment Properties Advice Fri, 01 Jan 2010 21:41:26 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: kemperk http://property-investment101.com/property-investment-advice/i-own-investment-property-what-are-my-liabilities-if-the-property-is-foreclosed/comment-page-1/#comment-282 kemperk Fri, 02 Jan 2009 12:21:26 +0000 http://property-investment101.com/property-investment-advice/i-own-investment-property-what-are-my-liabilities-if-the-property-is-foreclosed/#comment-282 any foreclosure on a first wipes out the 2nd, so the 2nd usually goes to the sale at the sheriff to pay off the first. in some states, the mortgage lender can come after you personally. I suggest you consider selling part of your property instead of all of it to procure enough money to save it from foreclosure. I can guide you further on that if any foreclosure on a first wipes out the 2nd, so the 2nd usually
goes to the sale at the sheriff to pay off the first.

in some states, the mortgage lender can come after you personally.

I suggest you consider selling part of your property instead of all of it
to procure enough money to save it from foreclosure.

I can guide you further on that if

]]> By: ctfuselier http://property-investment101.com/property-investment-advice/i-own-investment-property-what-are-my-liabilities-if-the-property-is-foreclosed/comment-page-1/#comment-281 ctfuselier Thu, 01 Jan 2009 22:06:31 +0000 http://property-investment101.com/property-investment-advice/i-own-investment-property-what-are-my-liabilities-if-the-property-is-foreclosed/#comment-281 Your credit will be destroyed for a long time. Contact your bank and ask them if they will accept a short sale. If so put the property up for sale and try to find a buyer. There are certain procedures for short sales but lenders would rather loose a little in lieu of foreclosing on the property which will cost them more in the long run. If foreclosed, you give the property back to the bank and therefore you would not owe ... there may be some bail out money that is coming available to help people .... you may want to contact your local bank. Your credit will be destroyed for a long time. Contact your bank and ask them if they will accept a short sale. If so put the property up for sale and try to find a buyer. There are certain procedures for short sales but lenders would rather loose a little in lieu of foreclosing on the property which will cost them more in the long run. If foreclosed, you give the property back to the bank and therefore you would not owe … there may be some bail out money that is coming available to help people …. you may want to contact your local bank.

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