after forclosure can they take other property?

Posted by rhonda on August 08, 2006 at 01:00:11:

I currently own 2 properties in 2 different states, and due to a job transfer i will be purchasing another property in another state where i am being transfered too. Due to the depressesd market I am unable to sell the house i currently live in. I have not tried to sell the other house i own, i have it rented. If i let this house i am currently living in go into forclosure, can they force me to sell the house i am buying??? and the other house i own?? I have been wrestling with this decision for a long time. I currently have the house on the market, for under the current market value. But there is such a glut of homes right now, on the market, and the market conditions are not favorable to sell. And if i do let it go into forclosure would it be better to do that or do a short sale???? It is 100% financed with an 80-20 loan?? If i short sale will i be responsible for the second mort?? And if i forclose will i be responsible for the second mortgage???
Thanks for help and advice.

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Re: after forclosure can they take other property? - Greg 14:10:46 08/09/06 (0)

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: I  currently own 2 properties in 2 different states, and due to a job transfer i will be purchasing another property in another state where i am being transfered too. Due to the  depressesd market  I am unable to sell the  house i currently live in.  I have not tried to sell the other house i own, i have it rented.  If i let this house i  am currently living in go into forclosure, can they force me to sell the house i am buying??? and the other house i own?? I have been wrestling with this decision for a long time.  I currently have the house on the  market, for under the current market value.  But there is such a glut of homes right now, on the market, and the market conditions are not favorable to sell. And if i do let it go into forclosure would it be better to do that or do a short sale???? It is 100% financed with an 80-20 loan?? If i short sale will i be responsible for the second mort?? And if i forclose will i be responsible for the second mortgage???
Thanks for help and advice.


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