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Commercial Property default in Texas

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Scott Cityview Guest	Posted: Thu Jan 07, 2010 5:08 pm    Post subject: Commercial Property default in Texas Like 0 Dislike 0 I have a 50% interest in a warehouse in Texas. I also have other income property in California. The Texas property is currently under water. If circumstances do not improve, in several months we will no longer be able to make payments on the note. If we go into default and lose the property through foreclosure, there will likely be a deficiency. Are my other investments at risk to cover this deficiency? Scott
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Jan 07, 2010 9:34 pm    Post subject: Like 0 Dislike 0 Hi Scott! Welcome to forums! If you pay off the deficient amount to the lender, then your other assets will not be in risk. However, if you cannot pay the deficiency, then the lender may place a lien on your other properties or garnish your wages or bank account. However, the lender will have to file a case in the court for the same. I would rather suggest you to contact your lender and apply for a deed in lieu of foreclosure. If the lender accepts the same, then you won't be responsible for the deficient amount. Feel free to ask if you've further queries. Sussane

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