I have a property that is about 1 month late. Aside from that one, I have 5 other properties including my house. I don’t have plans of letting it go to foreclosure. But worse case scenario and I can’t pay that house anymore, would it affect my other properties too? Would the banks take my other properties if I let this one into foreclosure?
Like I’ve said I don’t want it to go into foreclosure. Just wanted to know what will happen.
Thanks to all!
only way i can think a bank could come after any of your other properties is if you “cross-collaterialized” the potential foreclosure property to another house you own… But, if you let that one property go to foreclosure it will effect you credit.