We own property which we rent out, the tenants skip their payments so it becomes difficult to keep up with payments for our loan on the property. If we go through foreclosure, can the bank go after our Home where we live in??

Also, if we go through the foreclosure process, what happens with our tenants? How to inform them legally about the foreclosure, so later the wouldn't take any action against us Keep in mind the contract no longer exists between the tenants and us.

Thank You

1. will address the second question first. Unless you are in California, you can be in foreclosure and still charge them rent. And if they don't pay evict them. But if they are not paying, the reason for you ot paying, why have they not been evicted anyway. You evict within days of being late and get new renters.

If you are in California you can not collect their rent until taken care of.

On number one, normally ( depends on terms of loan) they can come after you for the balance after the home is sold.
They can sue for a judgement and go from there.