Does foreclosure mean they can take other properties from you??
My mother-in-law owns 2 houses in southern Florida…the main one she lives in and the investment one she bought several towns over 2 years ago. The second one that she owns and had been renting out is now empty and she can no longer afford the payments. She has been to see her mortgage bank and they told her that it is only after she is 60 days late on payments they have to “do something about the situation.”
We have been talking and talking for days now and she has decided that the only viable road left open to her is a Foreclosure. She has asked me for information about it and I do not know about Foreclosures.
Does anyone know if her main house – the one she lives in and maintains a Homestead exemption on – can be taken from her if she Forecloses on the second one? Does anyone have any real information about this?
Please do NOT respond with advice, about loans, business opportunities, money-making schemes, etc. I really just need Foreclosure information. Thanks very much.