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foreclosing properties in ohio

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martha Guest	Posted: Tue May 25, 2010 9:04 am    Post subject: foreclosing properties in ohio Like 0 Dislike 0 I have three rental properties in cleveland ohio and I live in california. The prices of the rental properties are going down and tenants are a nightmare. If I forclose all those properties can the lenders come after my other rental property in california or my primary residence? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Wed May 26, 2010 12:52 am    Post subject: Like 0 Dislike 0 Hi martha, The lenders have the rights to recover the deficient balance resulting from the foreclosure sale. As your property is located in California, the lender based in Ohio will have to get a judgment against you from the court of California. If he gets the judgment, then he will be able to place a lien on your property. Thanks
rita2 Joined: 23 Apr 2010 Posts: 286 51.03 Dollars($)	Posted: Wed May 26, 2010 8:40 am    Post subject: Like 0 Dislike 0 Hi Martha, James is absolutely correct. It is possible for the lenders to foreclose other properties of yours to get back the deficient balance. However, the lenders needs to get a judgment against you from the court of California. It is better that you speak with your lender and try to convince and get an easy re-payment plan from them. Consult with a good attorney to get detailed information.

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