Understanding the dangers of foreclosure?

Posted by Cman.dc on October 31, 2008 at 08:12:53:

I have a primary home and 2 other homes that I bought for investment in Orlando and Las Vegas (several years ago). I cannot afford to keep the other homes (very stupid investments), because the mortgages are putting me in the poor house.

I put the Vegas home for short sale. But, no takers because the market is flooded with foreclosures/short sale homes.

So, what happens to me when the home geos to foreclosure, besides destroying my credit for a long time?

Can the bank come after my savings and my wife's (her name is not on the loan)?

Can they come after my primary home which is paid on time?

How bout my other property and possessions (car, stocks, etc..)?

Thanks for any help on the subject!

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