[999tulips]

I have an investment property that the last couple months my tenant didn't pay the rent. I finally got them out but now I am in financially trouble that I cannot keep the mortgage. If I let it foreclose, will the bank go after my personal asset i.e. another home we live in, 401K, cars, etc. and how long will it stay on my credit.

Thanks

[ScottGem]

Depends on how you hold the home. If you owned it as an individual they can go after personal assets, though your personal residence, 401K and some other assets can be exempted.

[Fr_Chuck]

If your investment property was put in a corporation name or even a LLC your personal property may be protected, but if not, yes they can come after your personal money, attach bank accounts and garnish your pay in states in the US where it is allowed.

But just a couple of months will cost you the property, what if you rent it today and start catching up the payment, many firms will work out a repayment of the payments ifyou are only a couple months behind.