Hi all,
I have a question.
Lets say you own multiple property investments and they all have loans with different banks.
If one of the properties has gone south and you can't sell it. What if you decided to walk away from it, stop making payments and let it go into default and allow the bank to repossess. Apart from the obvious bad credit rating and loss of the house, what is the worse case scenario here?
Can the bank still hold you accountable for any outstanding debt left over after selling the property themselves? Or is it only that property that is security for the loan that they can take from you?
Thanks in advance.
Dave
I have a question.
Lets say you own multiple property investments and they all have loans with different banks.
If one of the properties has gone south and you can't sell it. What if you decided to walk away from it, stop making payments and let it go into default and allow the bank to repossess. Apart from the obvious bad credit rating and loss of the house, what is the worse case scenario here?
Can the bank still hold you accountable for any outstanding debt left over after selling the property themselves? Or is it only that property that is security for the loan that they can take from you?
Thanks in advance.
Dave