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Guest

I've read a lot of useful information on here from you guys but I have somewhat of a unique situation. To me at least.

I own and apartment building with new management company in place for 2009. We had some major problems with previous management company in 2008 and they had let the property run down. The property wasn't bringing in enough money to cover the mortgage around December 2008 and I got behind on payments. I'm about 2 full months behind on payments. I'm still sending in every penny available from rent collections to make partial payments. The bank just notified me today that they are going to file suit to foreclose on the property. I asked if they'd be willing to DIL and they said they were not.

My question is what is the process on foreclosing on an apartment building and how at risk am I at losing my home in the process?

I also own a townhouse that is rented out and I own a vacation home also. How at risk would these be also?

(I have had the apartment building listed for sale for 2+ years for what I owe on the property and haven't had any interest.)

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

CW1

My question is what is the process on foreclosing on an apartment building and how at risk am I at losing my home in the process?

-Well the foreclosure process in thie market situation woudl take 6 - 9 months depndign on the bank. This will have huge impact on your credit score and it will rmeian in your credit report for 7 years.

Your other two properties should be ok.

Guest

Thanks for the info. I'm not concerned about my credit score at this point. My score has already dropped considerably from the bank reporting the late payments to the credit bureaus. It went from 760's to 620's pretty quickly.

3 months ago the bank pretty much forced me to take out a 30k equity loan on my rental townhouse to pay for some remodel work on the apartment complex. Would this make it easier for them to come after it although I am current on it?

Up until yesterday, they had been trying to get me to borrow money out on my house that I live in to help pay for another 40k in remodel work for the apartments. I refused to do that thinking that would make it easier for them to come after that too.

So is the process that they file suit, then try to sale at auction, and then if they sale it for less then they would come after my assets to try and get the dfference? I'm just kind of in the dark on the exact laws and what could happen and I'm stressed out and nervous over thinking I may lose my house over this bad investment.

Once again, thanks for the reply and info. Sure does ease the mind to talk about it to someone that is knowledgable.

jenkin7 · Posted: Mon Jun 08, 2009 1:47 am Post subject:

Hi cw,

During the foreclosure procedure, the bank will sell off the property at an auction to recover the money you owe them. If the sale proceed is not enough to recover the outstanding balance, they will come after you for the deficiency amount. They can sue you if you do not pay off the difference. But they cannot come after your other houses, unless you have kept them as collateral for the loan. In some states, there are strong anti-deficiency laws which prohibit the lenders from suing the borrower for the deficiency. You can check with a lawyer and see if the anti-deficiency laws of your state apply in your situation. If you are current on your equity loan, you do not have a problem with that. You can keep making the payments toward that loan and pay it off. This will help you improve your credit.

eric1 · Posted: Mon Jun 08, 2009 5:14 am Post subject:

CW

A few questions for you..

1. How much is the building worth?
2. What is the outstanding loan balance?
3. What is the annual gross income?
4. What are the annual expenses?

Guest

My apartment building is being condemn and bank is going to foreclose on them. What goning to happen to me and my family

adonis · Posted: Mon Nov 14, 2011 10:27 pm Post subject:

Hi Guest,

You and your family are in a tough situation. However, if you want to save your property, then it will be better if you could contact your lender and apply for a loan modification. This will help you get a better payment plan to pay off the debt and you will also be able to save your property.

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Apartment building being foreclosed. Can I lose my home?