Foreclosure on rental property – can the bank go after current residence/assets?

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Foreclosure on rental property – can the bank go after current residence/assets?

My husband purchased rental property before we were married. After we married we lived there for 6 months, purchased a single family home, and moved into the single family home. We cannot sell the rental.I will become unemployed at year end. We will not to be able to pay the mortgage. If the rental property goes into foreclosure, can the bank go after our current residence or other assets? I am not on the mortgage for the rental. Will the foreclosure appear on my credit? How will a foreclosure appear on my husband’s credit? Will we ever be able to buy another home after a foreclosure?

Asked on July 6, 2009 under Real Estate Law, Ohio

Answers:

J. Norman Stark / J. Norman Stark

Answered 11 years ago | Contributor

Dear About-to-be-foreclosed Reader:  You may have to consider trusteeship or bankruptcy protection to protect your assets.

Consult an experienced Attorney to guide and advise you through this difficult sorting out and protection of your assets.

Good luck!

Sincerely, J. Norman Stark


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