2 homes 1 foreclosure

Posted by jn on March 24, 2008 at 21:01:50:

I had a home in new jersey where my mortgage reset to over 4000 a month. the bank wouldn't speak to me unless i was late. I called numerous times to no avail. My income dropped dramatically in the last 2 years and I was forced to take action with 4 kids and a stay at home wife. I am in the auto business so while still current on my home in new jersey i got a new job and bought a smaller more affordable home in florida. I put my nj home up for sale but so far i have had no luck in selling it. i am probably a few months away from foreclosure and i am very scared and worried. I know that florida has great asset protection but i have a few questions.i have a first and a second on my home in nj. what can these banks do to me if the home is foreclosed in nj and i now live in florida.I I understand that being head of housedhold in florida they cant garnish my wages or touch my home here. Is the mortgage relief act of 2007 going to protect me from tax liability?

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