Foreclosure on Multiple Properties
The prospect of foreclosure can be difficult enough for individuals with a single property, but for owners of multiple properties, this process can be much more difficult. Even if you are considering just letting one property go, foreclosure is never an easy process and it is always tricky. Many people are unaware of the liability they face when walking away from a property. If you walk away from a home or allow a bank to foreclose on your real estate property, your assets and income may be at risk. This threat is still apparent even if your mortgages are through separate lenders and located in different states.
Allowing a home to slip away into foreclosure normally leads to a lender taking legal action against you. This results in banks seeking deficiency judgments in the amount of the remaining balance owed on the home. Never take for granted a lenders ability to pursue payment for a delinquent mortgage. Depending on what state you live in and the state in which your home resides, there are different rights given to creditors. Some lenders will be legally allowed to force you to sell personal property like cars and furniture. In some states, lenders can even get access to your personal bank accounts and garnish your wages. Therefore, walking away from a home in foreclosure is never that simple.
The property and income that can be taken away will leave you with almost nothing. However, it never has to come to this drastic situation if you take action to stop foreclosure instead of letting your home slip away. No matter how underwater a property may be, there is usually a way to stop foreclosure on any property. Shortsale is a great option when working with a professional team that is phenomenal at negotiating with your lender if you are underwater on any of the properties. Often times, owners of multiple properties have many other options that can help them avoid and stop foreclosure from happening. In some instances, multiple properties can be sold as package deals to other investors looking for multiple properties at an affordable price. Properties can even be traded to allow the property owner to avoid foreclosure.
Therefore, there is no reason for many property owners to ever face drastic action taken by lenders as a means of recouping their mortgage payments. Ignoring the situation regarding your home or properties will not make the situation better, but it will make it worse. The sooner you take action, the more options you have. There is assistance available for individuals facing foreclosure and many homeowners have made it out of these situations debt free. It can be difficult to choose the best option for you, but if you seek the help of a foreclosure professional/specialist, this process can be much easier.
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