Upcoming Foreclosures

Can foreclosure of 2nd home, affects my own samll business?

I had purchased 2nd home, facing foreclosure, can lender go after my own business, for the differents from the loan $ and property sales $?

Public Comments

1. Depends how your business is operated. If it is a partnership or a sole proprietorship, then YES they can!
2. They can go after any other assets, if they decide they want to sue you for the difference. It also depends on your state laws how far they can go. You may want to go see a lawyer. Most first visits are free. Just don't make the appointment saying, "I want my first free visit, then I am never coming back."
3. in most states they foreclose on the morg. not the note. in most cases,,,,they can't because of state law go after you also for their loss because they didn't go after the note. there is a few states where they are allowing lenders to go after the loss. in most cases though the brower don't have any money or they wouldn't be in foreclosure. if you own your own business,,,lets be honest,,,you income of record is what you want your books to say. one of the fringe benifits of being self employed.
4. depends on the language of the note. maybe I can help you save your 2nd home free advice, look at my bio!
5. Lenders are combing through the laws finding ways to collect for the difference. Initially, I would like to say yes, but the more I talk to my peers about this, the more I think it is quite possible they are going after your other assets at some point to get their money.