Foreclosure effect on rental property
Posted by Papagin on May 26, 2008 at 12:43:14:
I have 3 condos in South Florida,2 are rented,the third was our former home,and still has my homestead exemption.
In late 2006,we purchased a home in South Carolina,
with the intention of selling the two rentals and payoff the new house.
R/E market went belly up,we could not sell rentals .
My new distributorship in SC did not work out financially,and had to give it up with a minimal loss.
My question is;if I walk away from my new house in South Carolina and go through a foreclosure process,,will I jeopardize my rentals in S. Fla.
I can no longer afford to pay for it.My concern is paying down my mounting credit cards balances.
Thanks
Follow Ups:
- Re: Foreclosure effect on rental property (url) - Paul 19:18:03 05/31/08
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