Let the home foreclose???

Posted by Jessica on June 23, 2005 at 17:26:27:

I live in MI and have had my home up for sale for months. My new home is being built and should be done next month. The old home hasn't sold and I don't know how long we can pay both mortgages. We have an 80/20 split on the mortgage and have no equity. I have kicked around the idea of letting the home go into foreclosure but don't know the repercussions and whether they can come after the new house (old house in hubby's name only, new house in both names). And with the 80/20 split, we have 20% in an equity loan. Does that go away with foreclosure? Any info is greatly appreciated.

Follow Ups:

Name    : 
E-Mail  : 
Subject : 

Comments:
: I live in MI and have had my home up for sale for months.  My new home is being built and should be done next month.  The old home hasn't sold and I don't know how long we can pay both mortgages.  We have an 80/20 split on the mortgage and have no equity.  I have kicked around the idea of letting the home go into foreclosure but don't know the repercussions and whether they can come after the new house (old house in hubby's name only, new house in both names).  And with the 80/20 split, we have 20% in an equity loan.  Does that go away with foreclosure?  Any info is greatly appreciated.


Optional Link URL : 
Link Title        : 
Optional Image URL: 

    

    
    
    
   

Foreclosures Section

Foreclosure Help

Foreclosure Investing

Real Estate Articles

Our Site Resources

Discussion Archives