Juan:

My best advise would be to consult your case with a RE / TAX lawyer. Every case is different and the opinion of a true expert will be priceless.

Good Luck

Blaison is right, you should pursue a loan modification or short sale before thinking that foreclosure is the only answer. While during the foreclosure the things you mentioned won't happen, the lender does have the right for up to 5 years I believe, to seek a judgment from you personally for the difference. Most of the times, in today's market with so many foreclosures, the lenders are not doing this, but it is a possibility and that judgment stays with you for up to 20 years until paid off. If a short sale or modification is at all possible you should seek that option first. If you decide that a short sale is the route you'd like to investigate, I would be more than happy to answer your questions about the process.

Good luck and keep at it, there are options if you look for them, I know, I've been there!

Juan,

If you foreclose on one property then the lender cannot put a lien on another property because each property is different from each other. When you get a loan, they can take away only that property if you dont pay the mortgage.

Did you try for loan modification or short sale? You can avoid foreclosure by any of these option. Contact a local short sale expert real estate agent to discuss about short sale and also consult with CPA or tax attorney for any tax related questions.

Blaison Samuel
Certified Short Sale Specialist