Will mortgage companies come after the lender in the event of a foreclosure?

If I foreclose on rental properties, will the lender always come after me? Due to the downturn in the marketplace, I am struggling to make payments. What are my options?Will mortgage companies come after the lender in the event of a foreclosure?
Your question is confusing.





Let's get the players straight.





The mortgage company is the lender. If you borrow $100,000 to buy a house, you're borrowing from the lender. That's the mortgage company. For example: Washington Mutual or Countrywide. They lend/lent money.





The person who receives the money is the borrower. If the borrower fails to repay the mortgage, then the mortgage company forecloses on the borrower.





And, yes, in the event of a foreclosure, the lender/mortgage company comes after the borrower.





The only way you could foreclose on properties is if you'd lent other people money. Maybe you owned properties, and you sold them, taking back the financing. If the people you sold the properties to didn't repay, then you'd foreclose on them. You'd be going after the borrowers.





If you're having difficulty making payments, you can ask the lender to restructure your loan. Or you can ask for forebearance. If those don't work, you can attempt to sell the properties. If you're ';upside down,'; owing more than the properties are worth, you can attempt a short sale. You can ask the lender if they'll accept the deed in lieu of foreclosure. (Some will. Most won't.) If that doesn't work, you might be able to postpone the inevitable by filing for bankruptcy. The final step is foreclosure.





Check with a good lawyer for more details.Will mortgage companies come after the lender in the event of a foreclosure?
Without any doubt, your leder can take your property for faiure of payment.





Depending on your state laws, you may have additional options. In some states, the lender can repossess your property with a simple overnight. In other states a foreclosure court hearing and sheriff sale would take place.





If you are having problems making payments on a retal property, sounds like you are having some tenant issues. I can not say what that may be, but your resolution may be as simple as increasing rents to at least cover your mortgage payments.





Foreclosure is always a touchy subject, and stopping foreclosure should be your main concern; but it sounds like you are already on top of that :)





If rasing monthly rental prices does not solve the matter, you may want to turn to the lender. Depending on how upside down your mortgage is (how many payments you have missed), you may not be in the best of positins.





If you have not missed any payments, you lender may not even talk to you about any options to modify your loan. Reason being,that you are current on payments, so there is nothing to talk about.





By NO means should you stop paying your mortgage, I highly suggest consulting an attorney as well as calling you lender asap to see what you can do.





If you have no interest in being a landlord or simply just want to unload the property, there are tons of investors like myself who would be more than happy to help you stop foreclosure. If you are looking to avoid foreclosure and want to sell the propert, you can read up on my company at www.psusallc.com





There are many options out there to help you, but it really is a case-by-case situation.





Remember, if you do nothing to stop the foreclosure, nothing will change. Depending on how far into the foreclosure process you are, there may be time to stop the foreclosure.





Best of Luck!!!!
The Wall Street Journal had an article on this. The lenders have the right to come after you for any loss. None of the banks have done this. Too much time and effort and very little chance of getting any money from you.


But the banks are suffering and they think they might be able to recoup some money from court action. There is rumbling that they will come after you. So far it is still all talk and very little action..