if i foreclose on my 2nd home, will the lenders go after my main home and other assets?

Question

my 2nd home is now worth less than what I owe on it. also, what impact would foreclosure have on my credit history? if, prior to foreclosing, I change how i hold title to the 2nd home from my name to a business entity, e.g. LLC, would that protect my credit history?

Answer 1

If the lender forecloses on your 2nd home they have no right to your primary residence, or any other real estate you own. Regardless how title is vested (in your name or in the name of an LLC) your credit will be ruined for years. You are responsible for the debt, so any delinquencies, foreclosures, etc will report on your credit because you're legally responsible for the debt. You're better offer retaining the property until market conditions get better, or sell the house for as much as you can and cut any losses. At any cost, avoid foreclosure because you'll really regret it in the long run.

Answer 2

Lenders normally go after the collateral they have signed with on loan docs. So if your primary home is not on the same note as your 2nd home, then the lender probably just go after your 2nd home only. Lenders further normally do not go after other assets that are not listed as collateral on the original note and deed of trust.

Now since you have signed loan docs under your name for the 2nd home, transferring the title of the property to any one corporation or individual will not keep your credit from suffering. Transferring the title does not eliminate your responsibility to pay the mortgage.

Since you will be still paying your primary mortgage, just keep this current and pay all your other debts on time, in about one year you should be OK and not be affected as much.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

The lender could have a top to offset or pass collateralization that could desire to enable them to observe any deficiency from the condominium against the living house you nonetheless very own throughout the time of the comparable lender. i be attentive to they are able to snatch funds from financial employer money owed on the comparable financial employer to settle debt (different than mastercard debt). it extremely is a few thing that tripped up distinctive those with financial employer mergers. in spite of everything, you will probable nonetheless owe if the foreclosure public sale value of the condominium is decrease than the stability of any loans on it, and could not be waiting to sell your modern living house without settling that.

Answer 4

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Answer 5

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Answer 6

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Don't forget to give 10% back to the church if it goes well for you.
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