Posted on: 22nd Sep, 2009 12:42 pm
We currently live in IL and are current on our primary residence mortgage. However, we own a house in TX which has been rented for the past 6 years, but now is empty. We cannot afford both mortgages, and it may be tough to get a renter in it due to damage. If we foreclose or DIL on the rental, how will it affect our mortgage on our current house?
Thank you .
Thank you .
If you do a deed in lieu you may be safer and you do nto owe anythign to the bank
If you foreclosure you may need to pay the bank the difference depending on the state law. If you do not pay they can come after your assets
If you foreclosure you may need to pay the bank the difference depending on the state law. If you do not pay they can come after your assets
They have every right to recover balance mortgage amount. you need to speak with them. prepare a hardship letter & try for DIL.