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nicholasarmentano · Joined: 04 Nov 2009 Posts: 1 1.30 Dollars($)

What liability does the homeowner have if he lets a rental property go into default ?
Can the mortage bank and or city put a lien on another property owmed by me ?
How would this effect my federal and state tax deduction and depreciation , already taken and future taken.

savior70 · Posted: Thu Nov 05, 2009 6:25 am Post subject:

Hi,

If you default on your rental property, the lender will come after you for the deficiency. They will not be able to foreclose on your other property, but they may put lien on that. But it is unlikely that your primary residence will be subject to a lien due to foreclosure on your rental property. Once the rental property is foreclosed, you will no longer be a legal owner of it. Hence, you will not be able to claim deductions, depreciations etc. on your taxes for your rental property.

cupplesjonathan71 · Joined: 04 Nov 2009 Posts: 82 0.00 Dollars($)

you are answerable for payments.

since you are not owning proerty, you can not claim ant tax & depreciaton benefit

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Can bank put lien on my other property?