| ||||
| All Foreclosure Home Page | Foreclosure Discussion Board | |||
Posted by Greg on August 09, 2006 at 14:10:46:
In Reply to: after forclosure can they take other property? posted by rhonda on August 08, 2006 at 01:00:11:
They cannot "make" you sell another property. Depending on the laws in your state and whether or not the loans were purchase money versus refi the lender might be able to pursue a deficiency judgement against you but that is unlikely. If the first lienholder forecloses the second will be wiped off title. You technically would still have an obligation on the second but it would be pointless to continue paying them. You would be better off doing a short sale but most lenders won't consider that until you are a couple of payments delinquent. Also the second lienholder will have to bear the brunt of the loss.
: 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.
