2006-07-14 06:11:29 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you are going throught a tough time and are behind on payments your best bet is probably to save your credit and the stress by talking to a reputable investor that can take care of your problem and find a win-win for you and the investor. They can probably find multiple solution for you that you may not be aware of. Depending if your second home is in your name and not a different legal entity they may be able to go after your other home.
If you have futher questions go to the website below, or I could point you in the right direction of a good person to see if there is a fit.
2006-07-14 08:08:41 · answer #1 · answered by Vibe 2 · 0⤊ 0⤋
a mortgage is property-specific. basically, it will be foreclosed upon, and sold. if sold, yet the sales price does not cover the mortgage balance, plus other fees, then the mortgage company can issue a deficiency judgement against you & anyone else on the mortgage. this means that it will have to be paid, and if you sell your primary residence, the proceeds you make would first and foremost go to paying off any tax liens or deficiency judgements. YOU WILL PAY WHAT YOU OWE, one way or another.
your best bet is to pay up the back payemnts ASAP, if your mortgage company allows that.
get a realtor and sell the home ASAP!!! don't try to do this on your own!
2006-07-14 06:16:41 · answer #2 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
The bank probably can't put a lien directly against your principal home based on the forclosure but they can sue for any shortfall and get a deficiency judgement against you. The deficiency judgement CAN be the basis for a lien against your principal residence.
2006-07-14 06:38:17 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
bostonianinmo is correct. If you're in Southern California, contact me and I'll see if I can take the house off your hands.
Regards
2006-07-14 12:35:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the bank will put a lien against your home
2006-07-14 06:14:33 · answer #5 · answered by Kryztal 5 · 0⤊ 0⤋