Foreclosure
My husband and I have a few investment houses. I just wanted to know if one goes in foreclosure how will that affect the others or my personal home? Thank you
My husband and I have a few investment houses. I just wanted to know if one goes in foreclosure how will that affect the others or my personal home? Thank you
A straight answer from someone with nothing to sell you:
A foreclosure on one of your investment houses will certainly affect your credit score.... unless you are holding the properties in a trust or a corporation.
Other than your borrowing ability, the foreclosure should not impact your other properties or your home. But, the devil is in the details, and your question lacked details.
[addsig]
The state is www.NC.I do have a LLC 2 houses are in the LLc but made it hard to refi so I had to put my husband on title who is not in the LLc. So now 1 can be refi but will not give me any money back there is 45,000 www.equity.The other ones are in my husband name. This has made it hard to make all the payments since I made the mistake of putting 2 in the LLc name they have a hard money loan. That is why the question of forecloser just want to protect my personal home. Thanks for all the help.
If there is 45k in equity, have you tried to sell the home?
Mike
I have a rent to www.own.They will buy next yr.
Well, oddly enough forming a REIT is much cheaper in Canada. In fact you might find a Canadian REIT with poor management, buy enough shares to take over control, raise more funds on the Vancouver exchange and go from there cheaper and easier than starting a REIT from scratch in the US.