If I have a property that goes into forclosure, how will that affect my three other properties. Two of the other properties are paid off.

Asked on July 1, 2009 under Real Estate Law, Florida


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The first question is, will the sale of the property in foreclosure bring enough to pay off the liens and the costs?  If the answer is yes, then there would be absolutely no effect on the properties you own free and clear.

If the answer is no, the lender would be able to get a judgment for the deficiency, and that would be a lien on all of your property.

I doubt that the fact one property would automatically cause a problem with the lender on the other mortgaged property that you own.  If anything like that came up, you should talk to an attorney about it as soon as possible.  One place to find a qualified lawyer is our website, http://attorneypages.com

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