2006-11-18 10:24:50 · 6 answers · asked by liluke3403 2 in Business & Finance ➔ Renting & Real Estate
You can be forced to sell the one you live in to pay for the other one. The last thing you want to happen is have a house foreclosed on. Have you considered renting out the one that's for sale? You could have the renter paying your mortgage and taxes and then some.
2006-11-18 10:33:53 · answer #1 · answered by Crazymom 6 · 0⤊ 0⤋
Let me ask you this, Why cant you sell the home your trying to sell ? is it overpriced? how far are you behind? I can help if you email me with more info. You can ask your lender to see how much of a hit they are will to take (if your loan amount is higher then what you can get). Its call a short sell. And no they cant foreclose your other property.
2006-11-18 18:35:04 · answer #2 · answered by what tha 2 · 0⤊ 0⤋
They are 2 seperate loans. They would have to sue you for the foreclosure loss resulting in a judgement which they then could enforce collection. Whether it would force the sale of the house I am not sure. I would consult an attorney.
Here is some additional info. Hope this helps.
2006-11-18 19:08:32 · answer #3 · answered by Anonymous · 0⤊ 1⤋
The security is generally the real estate or the house. Its two different loans.
Perhaps you may want to review this with a good real Estate Broker with experience and or a real estate attorney.
Protect your credit.
Best to You
2006-11-18 18:41:59 · answer #4 · answered by Jimmy 5 · 0⤊ 0⤋
Get a lawyer to help you with that so nothing happens to your home.
2006-11-18 18:34:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
They can only take what they have a lien on.
2006-11-18 18:34:13 · answer #6 · answered by rhymingron 6 · 0⤊ 0⤋