QUESTION
the effect on my personal property/home
Asked on May 20th, 2013 on Foreclosures - Pennsylvania
More details to this question:
my rental properties are going into foreclosure. Between tenant damage and not paying can not pay on my mortgages.How will that effect my personal home and cars will they be able to sell them and i will be out in the street I live in pa. and the properties are also please me know that answer. I need peace of mind
1 ANSWER
Bankruptcy Attorney serving Collegeville, PA
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Nahrgang & Associates, P.C.
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Your personal assets can be exposed through a note. Many times, mortgage companies rely on the collateral, only. However, depending on the equity in the properties or lack thereof, they may seek to collect personally. You should speak to experienced counsel ASAP to discuss your facts and to determine the best course of action.
Answered on May 21st, 2013 at 4:59 PM