Posted on: 02nd Feb, 2009 09:34 am
I have 2 homes. Primary residence and vacation home are both with same lender with two seperate mortgage accounts. If I lost my job and had to put my Primary home into forclosure, does Countrywide have the ability to go after my vacation home? Would I be better off to refinance my vacation home with another lender now, before I experience a job loss to protect my Vacation/Retirement home?
If you are in danger of being foreclosed upon, then the late/missed payments would likely be reflected in your credit report. Therefore, it may be extremely difficult to find a bank to refinance either of your properties.