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EFFECTS OF FORECLOSURES

By Kim Roberts

Real Estate Sales Representative with Keller Williams

November 27, 2007 05:51 AM

Does anyone know if you own a property in one state and foreclose on a home in another state, can the lender attach any kind of lien or penalty on the other property? I have a client who is contemplating walking away from his home here in Michigan but concerned about how it will effect the another property that he owns. He is in his sixties so is not planning on purchasing anymore properties.

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Karen Martin Real estate agent Safe Harbor Realty

Safe Harbor Realty - Westport, MA

Westport, MA Realtor Helping Home Sellers & Buyers

Bet to advise him to speek to an attorney, you would not want to be giving legal advice

Nov 27, 2007 06:40 AM

Bill Nazur

First Lending Solutions - Riverside, CA

Kim

I agree that you should seek legal advice, and should definitely advise about the tax implications if the property is sold at a loss. Unless he can show he is insolvent, he may be on the hook for the deficiency based on what he owes compared to what the property sells for, plus the applicable fees of selling the property.

Nov 27, 2007 06:59 AM

Jason Mitchell

Realty Executives - Scottsdale, AZ

You must be celebrating in Ann Arbor for your Michigan Wolverine, the Great Michael Phelps!! CONGRATS!!

Aug 17, 2008 06:49 PM