if i have 2 houses and i cant afford both.. and stop paying one of them... will both of my houses be taken or just the one im not paying for?
2007-08-26 15:52:38 · 5 answers · asked by Foreign Girl 2 in Business & Finance ➔ Renting & Real Estate
Only the one you aren't paying for will be taken.
2007-08-26 16:18:31 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Only the one you're not paying for can be seized.
By the way, where do you live? I'm always looking to buy houses from people that are about to lose them anyway. It's a shame to let the bank get all of the money you've paid already ... wh not let someone else benfit a little.
2007-08-26 23:08:03 · answer #2 · answered by C S 5 · 0⤊ 0⤋
The one that is in default will eventually be foreclosed by the lender. Most lenders, especially these days, don't want to foreclose unless they have no other option. If you owe more than the value of the home in default, contact your lender and ask to do a "short sale" in which the lender allows you time to sell the home for a price that is less than what is owed. You do have options available so act on them ASAP.
2007-08-27 00:21:45 · answer #3 · answered by liveinaustin 3 · 0⤊ 0⤋
Yes the bank will foreclose on the property that is not being paid on.
2007-08-26 23:56:07 · answer #4 · answered by bpl 5 · 0⤊ 0⤋
Why would you throw away your equity and ruin your credit. Sell one of them.
2007-08-27 00:10:32 · answer #5 · answered by towanda 7 · 0⤊ 0⤋