Posted on: 30th Sep, 2008 03:31 pm
we own tow homes but we are unable to make mortgage payments on both-- the second home is in a planned neighborhood and they have a quaterly assesment or association fee, at the same time they have what they call fines for violating the ccr's or late fees--if we sale the house on a short sale or let go on foreclosure can they place a lean on the home that we actually live in, or a lean can be placed only on the home in the planned community.
Please advise.
Thank you
pati
Please advise.
Thank you
pati
Hi pati!
Welcome to the forums!
If the house goes for a foreclosure, then I don't think, the lenders will place a lien on your other house. However, it may vary from one lender to another. But in case of short sale, if you are unable to pay the deficient amount, there are chances that the lender can place a lien on the other home. After saying all this, I would like to say why don't you go for a deed-in-lieu? In a deed-in-lieu, everything is same as short sale except that the lender may forgive the deficient amount but you will have to pay taxes for that as the tax department will consider this as an income.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
If the house goes for a foreclosure, then I don't think, the lenders will place a lien on your other house. However, it may vary from one lender to another. But in case of short sale, if you are unable to pay the deficient amount, there are chances that the lender can place a lien on the other home. After saying all this, I would like to say why don't you go for a deed-in-lieu? In a deed-in-lieu, everything is same as short sale except that the lender may forgive the deficient amount but you will have to pay taxes for that as the tax department will consider this as an income.
Feel free to ask if you have further queries.
Sussane
Depends on the lender if they will place liens on your other home. Chances are that in case of short sale, if you do not pay the deficient amount they may place a lien.
annie and sussane...please pay attention. the poster is asking about her homeowners' association, not a lender.
i would suggest, pati, that you discuss this situation with your attorney to try to make a determination of how the association will treat your outstanding debt.
i would suggest, pati, that you discuss this situation with your attorney to try to make a determination of how the association will treat your outstanding debt.
