Foreclosure Advice?

If we foreclose on a second home can the mortgage company take the equity from our primary home? Each home does not have the same mortgage company. The second home needs a lot of major replacements and repairs which we can't afford and would not be able to sell it in this condition. Any advice will be appreciated. Thank you.

Advertisement

By Rose Mary from Jackson, MI

Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!

June 29, 20100 found this helpful

This is one you really should ask a Real Estate Lawyer about. Most will give a free consultation.

Since you say it's two different mortgage companies I doubt they can take the equity from the other but they might be able to put a lien on it :-( Please call two or three RE Lawyers and get their advice.

Reply Was this helpful? Yes
June 29, 20100 found this helpful

You need a lawyer. Also, a friend of mine could not afford to keep her house after her divorce. She could not sell it for what was owed so instead of going through foreclosure a lawyer arranged something where she essentially gave the house back to the bank and it was not quite as bad on her credit as a foreclosure.

Advertisement

Maybe you could do something like this.

Reply Was this helpful? Yes
June 24, 20130 found this helpful

No...simple as that. You should, however, contact the creditor about a possible modification of the loan. If the property is "underwater", you could receive a reduction on the principle balance; the creditor would rather have you pay off the loan than foreclose on the property that isn't worth the amount loaned against it.

Reply Was this helpful? Yes

Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!

Advertisement

Categories
Budget & Finance Home LoansJune 26, 2010
Pages
More
😷
Coronavirus Tips
😎
Summer Ideas!
🐛
Pest Control
🌻
Gardening
📓
Back to School Ideas!
Facebook
Pinterest
YouTube
Instagram
Contests!
Newsletters
Ask a Question
Share a Post
Categories
Better LivingBudget & FinanceBusiness and LegalComputersConsumer AdviceCoronavirusCraftsEducationEntertainmentFood and RecipesHealth & BeautyHolidays and PartiesHome and GardenMake Your OwnOrganizingParentingPetsPhotosTravel and RecreationWeddings
Published by ThriftyFun.
Desktop Page | View Mobile
Disclaimer | Privacy Policy | Contact Us
Generated 2020-08-05 09:30:26 in 978 msecs. ⛅️️
© 1997-2020 by Cumuli, Inc. All Rights Reserved.
https://www.thriftyfun.com/tf55405148.tip.html

Home LoansBudget & Finance