Legal Question in Real Estate Law in Ohio

my brother has a rental that he is thinking of letting the bank repossess. the property was its own collateral. If he does this, can it affect his other rental property, primary residence, or other possessions?


Asked on 12/18/11, 3:22 pm

1 Answer from Attorneys
David Michael Benson Benson Law Firm

If there is a deficiency following the sale of the rental, the lender has two years to collect that deficiency. They may file a deficiency judgment and then attempt to foreclose on any other property giving them an equity position. He should speak with a qualified foreclosure/bankruptcy attorney to discuss his options going forward.

- BensonBankruptcy.com

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Answered on 12/21/11, 8:57 am


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