Posted on: 27th Nov, 2010 03:51 pm
What happens if you own a 2nd home that you are upside down on and will possibly be foreclosed on but the 1st home you own is being rented out. Does the back try to go back to the 1st home by putting a lien on it? Not sure of all of the consequences at this time. Thank you
Hi guest,
Welcome to mortgage fit,
If you are living in non-recourse states (for list of non-recourse states just google 'non-recourse states' ) then lender can hardly do anything to your first property...
If you are living in any other state than non -recourse state then the lender may come behind you for the recovery of the payment and even he/she may put lien on your first property to recover all his/her dues...
In order to get relief from this you may also discuss this issue with your lawyer and may ask him about setting up a trust for first property...
Feel free to ask any further query if you have.............
DIPA
Welcome to mortgage fit,
If you are living in non-recourse states (for list of non-recourse states just google 'non-recourse states' ) then lender can hardly do anything to your first property...
If you are living in any other state than non -recourse state then the lender may come behind you for the recovery of the payment and even he/she may put lien on your first property to recover all his/her dues...
In order to get relief from this you may also discuss this issue with your lawyer and may ask him about setting up a trust for first property...
Feel free to ask any further query if you have.............
DIPA