Foreclosure on rental property – can the bank go after current residence/assets?

UPDATED: Jul 6, 2009

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Foreclosure on rental property – can the bank go after current residence/assets?

My husband purchased rental property before we were married. After we married we lived there for 6 months, purchased a single family home, and moved into the single family home. We cannot sell the rental.I will become unemployed at year end. We will not to be able to pay the mortgage. If the rental property goes into foreclosure, can the bank go after our current residence or other assets? I am not on the mortgage for the rental. Will the foreclosure appear on my credit? How will a foreclosure appear on my husband’s credit? Will we ever be able to buy another home after a foreclosure?

Asked on July 6, 2009 under Real Estate Law, Ohio


J. Norman Stark / J. Norman Stark

Answered 13 years ago | Contributor

Dear About-to-be-foreclosed Reader:  You may have to consider trusteeship or bankruptcy protection to protect your assets.

Consult an experienced Attorney to guide and advise you through this difficult sorting out and protection of your assets.

Good luck!

Sincerely, J. Norman Stark

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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