If one of my rental properties is foreclosed on,do I have to worry about losing the property I live in?

UPDATED: Nov 4, 2011

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If one of my rental properties is foreclosed on,do I have to worry about losing the property I live in?

Asked on November 4, 2011 under Real Estate Law, Wisconsin


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You should be concerned about any deficiency judgment that may result from the loss of your rental property affecting your home that you have and reside in. The reason is that most states have laws preventing deficiency judgments on a purchase money loan for property that is one's main home.

The rental that you have which you could lose is not your primary residence. However, most states have homestead exemptions that protect a property owner's equity in his or her primary residence up to a certain amount. I suggest that you consult with a real estate attorney about your circumstances.

Good luck.

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 AttorneyPages.com 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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