| Re: Any guidence.....
Unless the two loans are "cross-collateralized" the foreclosure of one property shouldn't effect the other. I would find it extremely unusual for this "cross-collateralization" to exist.
As to the primary residence, your primary concern should be if the home is foreclosed will the lender come after your boyfriend for a deficiency (difference in the loan amount and what the lender is able to recover when it disposes of the property). It is hard to get a straight answer on this when doing a little Internet research. The answer seems to be that while obtaining a deficiency is possible, it is rarely done given the economic condition in Michigan and the chances of ultimate recovery being not that good.
My advice is keep your financial independence. I know that is a challenge given relationships, but here it is sound advice in my opinion.
Daniel |