If one of my rental properties is foreclosed on,do I have to worry about losing the property I live in?
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If one of my rental properties is foreclosed on,do I have to worry about losing the property I live in?
Asked on November 4, 2011 under Real Estate Law, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You should be concerned about any deficiency judgment that may result from the loss of your rental property affecting your home that you have and reside in. The reason is that most states have laws preventing deficiency judgments on a purchase money loan for property that is one's main home.
The rental that you have which you could lose is not your primary residence. However, most states have homestead exemptions that protect a property owner's equity in his or her primary residence up to a certain amount. I suggest that you consult with a real estate attorney about your circumstances.
Good luck.
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