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If your investment home goes into foreclosure what liability do you have?

January 6th, 2012 by admin
foreclosure
A friend of mine got screwed into a scam to buy some homes to rent out and supposedly make some money. In the end he has been through many tenants and been unable to make the payments due to lack of renters and the declining market. A couple of them have started to go into pre-foreclosure and he is wondering what liability he will have with the banks if they go into complete foreclosure. He understands his credit is shot…which it already is, but not sure what else he will be liable for….
Sell and Rent Back

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