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Author: explorer1999 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: foreclosure Date: 12/17/2010 6:33 PM
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If a mortgage company forecloses one investment property can they take other rental properties in my name from me as well? If so is this common practice. I live in GA if that helps any

thanks
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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 300063 of 308881
Subject: Re: foreclosure Date: 12/17/2010 7:17 PM
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If a mortgage company forecloses one investment property can they take other rental properties in my name from me as well? If so is this common practice. I live in GA if that helps any

As advised several times in the last thread http://boards.fool.com/foreclosure-questions-28952575.aspx?s... - you really need to be asking a real estate attorney these questions. Generally, it's not possible to 'take' the properties, but liens can be placed on other properties, so if you (or your heirs) want to sell the other property eventually, the lien would need to be satisfied. How long liens can be renewed for is dependent on state laws.

AJ

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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 300064 of 308881
Subject: Re: foreclosure Date: 12/17/2010 7:21 PM
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explorer1999: "If a mortgage company forecloses one investment property can they take other rental properties in my name from me as well?"

Not enough information to hazard a guess (and you likely would not want to [and should not] post publicly) the details necessary to change that situation.

Are the properties cross-collaterized?

Are the properties titled/held by a single person or entity?

Will there be deficiency judgment?

And while I am not unbiased, you need to talk to a lawyer licensed in Georgia (reading ahead). Foreclosure is a state law remedy and varies dramatically from state to state.

"If so is this common practice."

Regards, JAFO

Disclaimer

Yes, I am a lawyer, BUT THIS IS NOT LEGAL ADVICE; it is only general information. NO CLIENT RELATIONSHIP IS INTENDED TO BE CREATED, NOR IS ANY SUCH RELATIONSHIP SO CREATED. FOR SPECIFIC LEGAL ADVICE YOU SHOULD TALK TO A LAWYER IN YOUR AREA.

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Author: joelcorley Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 300066 of 308881
Subject: Re: foreclosure Date: 12/17/2010 8:15 PM
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explorer1999,

You wrote, If a mortgage company forecloses one investment property can they take other rental properties in my name from me as well? If so is this common practice. I live in GA if that helps any

Georgia appears to place few restrictions on asset and income seizures to satisfy a judgment - which is good if you're a lender, bad if you're a deadbeat borrower.

I don't know about your specific case, but I suspect the lender could obtain a lien against your other properties and/or seize their rents if they discover you have those assets to satisfy a valid judgment.

If you're seriously considering this foolishness, you probably need to consult an attorney.

- Joel

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