Financial advisers answer your questions
Question: I currently have 3 properties all with separate mortgages but with the same lender. If I was unable to continue paying on all 3 and decided to give the deed on one of the properties back to the lender, but continued to remain current on payments on the other 2, would the lender be able to foreclose on either of the 2 remaining? Would my ownership of the 2 remaining be jeopardized in any way?
Answer:No, it should not be. They’re being held with secured notes on the property itself. They can’t after additional assets to try to satisfy what’s owed. But foreclosing means your credit is going to be affected. That won’t affect you until you try to obtain new financing or change your financing. But it will not affect you if you continue making your payments on all your other bills.