if you have a home loan , which you secure using your house (different house) as a collateral, can the bank foreclose both the home that you loan and the collateral in the event there is a default in payment? what are remedies for this? what if the homeowner cant make payments because he lost his job?
thanks for the answers.
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{ 1 comment… read it below or add one }
Yes, it can only it would not be called a foreclosure. But That’s why you can use it as collateral you default and it’s theirs. However in this day and age of bailouts and all of that other garbage you just might be able to keep both. Good Luck