Posted on: 05th Jan, 2011 09:11 pm
i have 3 rental properties in FL that are under water and the rents don't nearly cover the mortgage. If I short sale them or get foreclosed on will the lender put a lien on my primary residence in PA which I have equity in?
Hi ddconjm!
Welcome to forums!
After the short sale, you'll be responsible for paying the deficient balance resulting from the property sale. If you don't pay off the deficient balance, then the lender can place a lien on your primary residence. However, in order to do so, he will have to file a lawsuit against you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After the short sale, you'll be responsible for paying the deficient balance resulting from the property sale. If you don't pay off the deficient balance, then the lender can place a lien on your primary residence. However, in order to do so, he will have to file a lawsuit against you.
Feel free to ask if you've further queries.
Sussane