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  1. #1
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    Jun 2009
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    Default What Are the Bad Effects of an Investment Property Foreclosure

    My question involves a foreclosure in the State of: Georgia

    I have this investment property for over 4 years and now not able to find any tenants. Not able to pay the mortgage, decided to let go. But want to prepare for any potential issues out of a foreclosure. Can any one suggest what are the possible side effects and what precautions need to take.

  2. #2
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    Default Re: What Are the Bad Effects of an Investment Property Foreclosure

    If you mean property you own in your own, individual name, or where you've individually guaranteed the debt, you should expect your credit rating to tank and be prepared for the possibility that the lender will pursue you for any deficiency.

    Consider consulting a bankruptcy lawyer, or trying for a short sale.

  3. #3
    Join Date
    Jun 2009
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    2

    Default Re: What Are the Bad Effects of an Investment Property Foreclosure

    Quote Quoting Mr. Knowitall
    View Post
    If you mean property you own in your own, individual name, or where you've individually guaranteed the debt, you should expect your credit rating to tank and be prepared for the possibility that the lender will pursue you for any deficiency.

    Consider consulting a bankruptcy lawyer, or trying for a short sale.
    I am the 1st borrower and my wife is the co-borrower. I am more worried about her, as she signed for me. Unfortunately, no one has responded to the listing for sale. I am prepared for the short sale as the mortgage banker said they can not help until we are behind by 3 payments. We just skipped one pmt. and I don't know what will happen when 3 pmts are skipped. The property is under sec. 8 and stopped receiving rent for the last 2 months due some weird reasons like "secure the neigborhood". I never understood what that means.

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