I have a house in NC that is 30k upside down and have been renting it for 9 years because it won't sell. I also own a smaller home that I reside in. If the property thats being rented were to go to forclosure, can the lender seiz my other assests to recover thier loss? I'm trying to confirm that the financial affect to me will be limited to an icome tax bill for the forgiven dept and ruined credit score. Could the lender try to take the home I reside in or any other assets?
1 Answer from Attorneys
You should consult a debt relief or bankruptcy attorney. The attorney will need to review your entire financial picture to tell you what is and is not safe.