Loan default- if foreclosed what all can they take?

Posted by Mary on October 25, 2002 at 22:54:18:

I have 2 loans on my property- 1st and 2nd. Both are in default and have not been paid on since 7/02. I am going to try to sell- but if I can't foreclosure is my only option. The loans exceed the value of my home. What can the 2 banks take from me? I have another property that I use as a rental and I am just starting a business. I am afraid of losing both- could this happen?

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: I have 2 loans on my property- 1st and 2nd.  Both are in default and have not been paid on since 7/02.  I am going to try to sell- but if I can't foreclosure is my only option.  The loans exceed the value of my home.  What can the 2 banks take from me?  I have another property that I use as a rental and I am just starting a business.  I am afraid of losing both- could this happen?


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