Posted on: 02nd Apr, 2009 01:22 am
I own (1) investment property and (1) primary home, i am in the process of purchasing another home to make it my new primary residence (closer to work & child care). My current primary residence will be rented out and claimed as an investment property on my 2009 taxes. If for whatever reason, i allow my current primary residence to forclose, can the bank place a lien on my investment property (which i am a joint owner) or place a lien on my new primary residence? i reside in the state of California
Hi Guest
If it's a purchase money loan, then the lender would not be able to claim deficiency if the sale of the property results into a deficient amount. So, I don't think the lender would be able to place lien on your other property.
Thanks.
If it's a purchase money loan, then the lender would not be able to claim deficiency if the sale of the property results into a deficient amount. So, I don't think the lender would be able to place lien on your other property.
Thanks.
i'd have to agree that it's not likely you'd find a lien placed on either of your other properties if the current primary went to foreclosure.
