Posted on: 20th Nov, 2010 01:35 pm
I live in NJ, and recently lost my job. My wife still works and I am collecting a pension and social security. I am current with my mortgage payments but can not continue like this.
So, what if I purchase a second home (I Received a pre-qualification for it), then once I move into the new home I contact my lender on the first property and start the Deed in lieu process.
What are the ramifications?
Thanks,
So, what if I purchase a second home (I Received a pre-qualification for it), then once I move into the new home I contact my lender on the first property and start the Deed in lieu process.
What are the ramifications?
Thanks,
Welcome AK,
If the property is your primary residence, then you won't be liable for paying the deficient balance resulting from the property sale through a deed in lieu of foreclosure. However, if the lender does not consider this as your primary property, then you will be liable for paying the deficient balance resulting from the property sale.
If the property is your primary residence, then you won't be liable for paying the deficient balance resulting from the property sale through a deed in lieu of foreclosure. However, if the lender does not consider this as your primary property, then you will be liable for paying the deficient balance resulting from the property sale.