can the bank place a lien on the home that you live in

Hi Patricia,

Welcome to the forum.

If you still owe money after foreclosure, the bank may initially pass a deficiency judgment against you in the court. To recover the loan balance,if necessary, it may also place a lien on the house where you live.

Hi Patricia,

Only if the lender has a court order with him, he can place a lien on any of your personal assets, including your second home to recover the due balance of the loan even after foreclosure on your first home.

"If you forclose on 1 home can the bank place a lien on the home that you live in? My husband passed away and I cannot afford to pay both mortgages I am trying to sell the other property but it does not look to good. If it does go into forcloseure can it affect the home that I live in? I am not on the mortgages but I am on the deed with both properties."

I would suggest that you ask the mortgage company to consider taking the house through deed in lieu of foreclosure. If it is accepted then they normally waive their rights to claim deficiency judgment.

Miller

I am on the title only in both properties not on the loan the one property will probably go into forclosuer or short sale. my question I live in florida and the property that I live in i can afford. The other one can be rented but not for what the mortgage is.

I missed out some of the points in your previous post Patricia.

The thing is, using deficiency judgment a lender can place lien on owner's other property. But your husband is no more. So the lender cannot sue for getting a deficiency judgment.

Miller