Recourse depends on the deed used when you purchased, the foreclosure method (judicial or non-judicial) and the state the property is located in:

Unfortunately, you do not qualify for the Mortgage Forgiveness Debt Relief Act which is for your primary residence only.,,id=179414,00.html

The foreclosure process varies by state. In MD, for example, the property will go to public auction. The high bidder will get the property and all auction proceeds (after auction co. fees commissions) will goto payoff the outstanding liens on the property. If the auction proceeds are enough, then the bank will just report the foreclosure and your poor payment history to the credit agencies.

In that example, the lenders on your other properties may have some clause that says if you have a substantial credit hit during your loan terms on those properties, they can call the note due or that may affect the rate when they reset if they are adjustable rate loans.

In the case where the auction proceeds DO NOT cover the outstanding amount due to the bank on the foreclosed property, then a judgement will be entered against you for the amount still due to the bank. That judgement, if I’m correct, could affect your ability to sell those other properties or to get loans in the future. So, if you were to sell one of your remaining properties, the judgement would have to be paid before you could collect the remaining proceeds from the sale…

Real estate investing can make you earn lots of money as what television shows are talking about. But you have to bear in mind that real estate investing is not that simple, it requires a lot?