I have two homes with the same mortgage co. One I can't afford and the other I can. The one I can afford has a little equity. Can they force me to sell it if I go into foreclosure?
2007-12-14 07:18:15 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you go into foreclosure, the mortage company will not force you to sell, they'll take the property and sell it themselves. If you aren't in foreclosure right now, take the initiative to sell the property and ask for at least what you owe on the loan. Hopefully, it will sell and you will be able to discharge the loan before the mortage company forecloses.
2007-12-14 07:23:12 · answer #1 · answered by rockjock_2000 5 · 0⤊ 0⤋
Unless the mortgage you sign pledges BOTH properties as security for both loans, they can only foreclose on the property pledged to secure the loan you default on. Without reading the actual MORTGAGE, which is a separate document than the loan, I can't be certain, but I doubt both homes are pledged for both loans. The CAN sue you for the difference between the proceeds from selling the house the foreclose on and what you owe. After winning that case (they WILL win), they can ask the court to place a judgment lien on EVERYTHING you own. If you have no equity in the house you keep current, there is not reason for them to force a sale.
2007-12-14 07:29:09 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
No. There is a separate mortgage on each property. You should try to sell one of them, but if you can't sell it and the company forecloses on it, they become the owners of the property. They cannot force you to sell your other property. Your situation may be more complicated than you state. You should probably consult a lawyer.
2007-12-14 07:27:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, if you don't pay them mortgage they will seize the house.
2007-12-14 07:25:05 · answer #4 · answered by Jen 3 · 0⤊ 0⤋
well if your behind on both of them they will forclose on both if your behind on one they will take that one. Tip: dont bite off more than you can chew mkay?
2007-12-14 07:23:21 · answer #5 · answered by collegestudent5555 2 · 0⤊ 0⤋