How can foreclosure on an investment property impact my other properties or assets?

Yes they can. The mortgage holder can foreclose, obtain a deficiency judgment, and seek to recover on that judgment. The recovery efforts might result in liens and/or forced sale of other properties. I would recommend that you try to list the Florida property for short sale, in the hope that the short sale would result in a complete release for you and your husband. Please contact me if you would like for me to assist you in getting the property listed for short sale.

Please consider a Deed In Lieu of Foreclosure. Essentially you will be giving the property back to the bank in exchange for a full release. Please visit Sulaimanlaw.com for a full explanation. Failing that you would try a consent foreclosure, essentially the same thing but it is done through the court. Both procedures are outlined in the Illinois Mortgage Foreclosure Act. Please hire competent counsel to achieve this goal. Please check if this is a possibility in Florida, and if it is, and I suspect it is, you will have solved much of your concerns.