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Malcolm Jord…, Both Buyer and Seller in

Can the lender come after your house if your rental is in forclosure?

Asked by Malcolm Jordan, Thu Jan 3, 2008

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I second Cindy's suggestion to talk to an attorney since we don't know which state you are in. However, if you are talking about being afraid that the bank will come after your primary residence (aka your homestead) if you haven't made payments on a rental, then no. They can't. However every situation is unique, please talk to an attorney asap and if you have tenants in the house, let them know that you are behind so they can put their affairs in order and find another place instead of being notified by the sherrif and given short notice. It is unfair to them. Also, be prepared to give them their security deposit back too.
Web Reference: http://www.sumnerrealty.com
1 vote Thank Flag Link Sun Jan 6, 2008
I am wondering if we are understanding the question. Do you have rental property thast is being foreclosed? Is your questions about the bank coming after your primary residence? It depends on which state you live in. Contact a real estate attorney for specifics in your are. Good luck
Web Reference: http://www.cindihagley.com
1 vote Thank Flag Link Sun Jan 6, 2008
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
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Yes. If this is the case, then I would save myself from an embarassing situation and move out in a hurry! On the other hand, If you really like the place and you think you may want to buy it, then you should contact the bank and ask them if the loan can be assumed by you! This way you would be first in line to get one of the pre-forclosure deals that you hear great stories of.
1 vote Thank Flag Link Fri Jan 4, 2008
Malcom,

If a landlord (owner) of a home is not making the payments, the bank will eventually pursue foreclosure. I have seen landlords collect rent and not make the monthly payment. In the end the home goes into foreclosure and the tenant is put out on the street.
1 vote Thank Flag Link Fri Jan 4, 2008
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