Upcoming Foreclosures

If bank forcloses on a property, what happens to other properties owned?

The other properties are in Florida. One is a homestead property and the other property is owned outwright.

Public Comments

1. Nothing happens to the other property if it wasn't part of the banks loan for security.
2. If the foreclosure brings enough money to satisy the debt nothing. But if it does not then they can take you to court for a deficiency judgement and how the court will treat your other properties, real and or personal will be determined by the court.
3. Depends on the type of loan. If it was a purchase money loan (use to purchase the property) in most state there isn't a deficiency judgment available. However if the loan foreclosed on was a refi the other assets could be at risk.
4. The bank can only foreclose on the home with it's mortgage. Any other properties owned by that person can not be garnished sort of speak. But what can happen is they - the bank could file a personal judgement lien on the owner personally that would follow until it was paid off.