Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
1. If you personally guaranteed the loan, it will affect your credit just like if you missa house payment/car payment/cfedit card payment, etc. If you didn't personally guarantee the loans, it will not effect your personal credit.
2. If you are foreclosed on, and the property does not sell for at least what you owe on the property, the lender can seek a deficiency judgment for the difference. Again, if you personally guaranteed the debt, the deficiency can be sought against youu personally.
1- the property does not show on my credit report; how will they show late payment?
2- their asking me to report all of my finances, including 401k..is my 401k safe against a deficiency judgment.