Tags: foreclosure, investment property
What happens to an investment property foreclosure that’s under your personal name?
August 13th, 2008 by Jarad S.
Question: What happens to an investment property foreclosure that’s under your personal name? Can they go after your personal assets, home, etc? Under Illinois law.
Answer: -As with all states, it depends on what’s in the agreement with you and the bank. Just look at the closing docs and it should specify what happens. For most lenders, the property is sufficient collateral for the loan or they wouldn’t be loaning you the money in the first place, so they don’t come after you for anything else. However, since I don’t invest in Illinois nor am I familiar with all their laws, you may want to get a 2nd opinion with a local attorney.
