Posted on: 09th Oct, 2009 11:50 am
To make a long story short I bought two homes in FL. one for my son and one for my wife both in in my name. Due to health reasons no one moved in and they were rented. Due to my lack of income I find it impossible to support the properties and stay current any longer. there are two first's and two second's. if the second's are defaulted and the first's paid there will be sizeable deficiency balances no doubt totaling the entire sum of one second ($100,000) and appx. ($35,000/46,000) of the other. if in fact the second mortgagee forecloses and i have no other assets nor income what happens? Thank you.
If the secodn forecloses, then they will have to pay the first and then collect their money from the remianing
The second may send the deficient amoutn to a collection agency and they will coem after you. If you do tno ahve any assests they cna get a judgement and probably go after your checkign and savings account including your salary.
Unless your incoem is from Socail Security
The second may send the deficient amoutn to a collection agency and they will coem after you. If you do tno ahve any assests they cna get a judgement and probably go after your checkign and savings account including your salary.
Unless your incoem is from Socail Security