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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.

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By Rose Mary from Jackson, MI

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Anonymous
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.

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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.

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Maybe you could do something like this.

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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.

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