With so many homes foreclosing all throughout the country it is important to know the total impact a foreclosure will have on you if you are ever forced to consider that option.
Especially if you own multiple homes. Many homes heading into foreclosure are 2nd homes and rentals. Banks respond differently to 2nd homes and rentals foreclosing.
There are a few very important questions worth considering.
- Can and Will the Lender Sue You?
- Is the rest of the money you have safe?
This article from bankrate.com answers both of these questions. Is my money safe after foreclosure?
Get educated and protect what you have in this poor economy.
Many times foreclosure and bankruptcy are not the fault of the person going through the situation. With the poor state of the economy and many people losing their jobs foreclosures and bankruptcies are at an all time high.
If you find yourself in this situation, do not let two wrongs happen. Educate yourself so you know how to protect what you will have left after the foreclosure.