Posted on: 31st Jul, 2009 07:10 pm
Hello,
I have a primary mortgage for my home and a 2nd mortgage for a another condo. Both mortgages are with Royal but my 2nd mortgage for my condo has nothing to do with my house mortgage.
The condo mortgage was a mistake from the start. This property was suppse to be flipped but that didn't work. I tried to rent it out but that was a disaster. Right now I'm making 2 mortgage payments which is killing me. I'm thinking of not making the condo mortgage payments and foreclose. I'm not too worried about my credit but I would have to pay back the condo mortgage once the bank sells it?
Does this effect my home mortage as I would assume I can re-finance with the money I own from my condo mortgage.
Can you let me know.
I have a primary mortgage for my home and a 2nd mortgage for a another condo. Both mortgages are with Royal but my 2nd mortgage for my condo has nothing to do with my house mortgage.
The condo mortgage was a mistake from the start. This property was suppse to be flipped but that didn't work. I tried to rent it out but that was a disaster. Right now I'm making 2 mortgage payments which is killing me. I'm thinking of not making the condo mortgage payments and foreclose. I'm not too worried about my credit but I would have to pay back the condo mortgage once the bank sells it?
Does this effect my home mortage as I would assume I can re-finance with the money I own from my condo mortgage.
Can you let me know.
Hi Andrew,
The second loan on the condo is in no way attached to the home loan on your primary home, right? In that case, if the lender does a foreclosure on your condo, it will not affect your primary home.
"Does this effect my home mortage as I would assume I can re-finance with the money I own from my condo mortgage."
If you are looking to refinance your primary home, it could be difficult after the condo is foreclosed. The foreclosure on the condo will show up on your credit report. You will not be able to qualify for a refinance for the next 2 years, at least.
The second loan on the condo is in no way attached to the home loan on your primary home, right? In that case, if the lender does a foreclosure on your condo, it will not affect your primary home.
"Does this effect my home mortage as I would assume I can re-finance with the money I own from my condo mortgage."
If you are looking to refinance your primary home, it could be difficult after the condo is foreclosed. The foreclosure on the condo will show up on your credit report. You will not be able to qualify for a refinance for the next 2 years, at least.
Andrew,
morgage company can foreclose your condo. better try to give it on rent. it will be additional income for you.
morgage company can foreclose your condo. better try to give it on rent. it will be additional income for you.
andrew, it is remotely possible that the lender for your condo could turn around and seek a deficiency against you. in that event, it is also possible that they could then place a judgment lien against your primary residence.
as for refinancing the existing home, if you go to foreclosure on your condo, i doubt your lender will be too happy to jump to refinance your home.
as for refinancing the existing home, if you go to foreclosure on your condo, i doubt your lender will be too happy to jump to refinance your home.
