Posted on: 02nd Jul, 2009 09:53 am
i would like to know if you have to properties and one goes into foreclosure, does it affect the other property or do they put a lien on the other property.
Hi millerja,
If you have two properties and one of them goes into foreclosure, it should not affect the other property. The lenders may put a lien on the other property, if it is in your name. But not all the lenders do that. But they will never be able to foreclose on your other property.
If you have two properties and one of them goes into foreclosure, it should not affect the other property. The lenders may put a lien on the other property, if it is in your name. But not all the lenders do that. But they will never be able to foreclose on your other property.
The answer is that it depends, if you have any equity on the property that is not being foreclosed on the lender may put a lien on that home. If the property does not have equity a lien would be useless. The best advice I can give you however is that you should consult a real-estate attorney to find out all that they can do about liens etc. I hope this information was helpful