I own a business and rent an apartment from the same landlord, same property. The lease is for 10 years on the business and another 6 months on the apartment. She is now filing foreclosure. Does the bank take over? Will I come home and find padlocks on my doors? Please only serious answers.

When a lender is selling a foreclosure are they just asking what is owed? Or are they asking for the home value to make extra money?

I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?

I am aware that a foreclosure will stay on ones credit report for 7 years but when does that time begin to pass? Is it from the time you first start the foreclosure process or once the property is sold at auction and account written off?

I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?