Re: buying a second home before foreclosure on first

Posted by steele in minnesota on September 21, 2007 at 07:33:28:

In Reply to: buying a second home before foreclosure on first posted by josh on September 21, 2007 at 05:14:47:

As I understand it, New Jersey does allow for deficiency judgements but unless you suddenly are part of a housing boom in Florida and the equity in the new house skyrockets I don't see them coming after this.

You will have a mortgage on this new house and the lenders will "own" most of it anyway. The former lender can only go after assets. At this point the new house would be pretty much emcumbered I would guess.

Maybe they will go after other things if you have them. But again, this old lender will have to decide if it is even worth pursuing a judgement.

Many times it is not worth it.

Steele

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