Posted on: 23rd Sep, 2008 07:57 pm
Hi, I live in Arkansas
My question - Due to health issues we had to move in with family. We rented our house out for awhile but ended up putting it up for sale and it has sat empty for about 7 months now. We can no longer pay the mortgage and have just started applying for a short sale .
In the mean time turns out my name is on the deed of the family farm.
Now I'm worried... If we do a short sale or foreclose can the Mortgage company come after the family farm??
Thanks
Lily
My question - Due to health issues we had to move in with family. We rented our house out for awhile but ended up putting it up for sale and it has sat empty for about 7 months now. We can no longer pay the mortgage and have just started applying for a short sale .
In the mean time turns out my name is on the deed of the family farm.
Now I'm worried... If we do a short sale or foreclose can the Mortgage company come after the family farm??
Thanks
Lily
Hi Lily!
Welcome to forums!
I do not think that a foreclosure or a short sale will affect your family farm. However, both of them will have a bad influence on your credit score.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I do not think that a foreclosure or a short sale will affect your family farm. However, both of them will have a bad influence on your credit score.
Feel free to ask if you have further queries.
Sussane
I'm not so worried about our credit at this point as I know that we can recover. The Family property however... Well they all still live here!! The deed is written in such a way that my father has control over the property till his death but I and my brother own the place.
I wish with all my heart that we didn't have to do this but due to my husbands health he will never be able to work a regular job again and since we've moved back here to the family place I've ended up being the sole caretaker of not only my husband but my father and 3 of my disabled brothers. I really need to know for sure that the family property is safe....
I wish with all my heart that we didn't have to do this but due to my husbands health he will never be able to work a regular job again and since we've moved back here to the family place I've ended up being the sole caretaker of not only my husband but my father and 3 of my disabled brothers. I really need to know for sure that the family property is safe....
Hi Lilyflower!
I completely understand the situation you are facing. As I can understand from your question that the prices of the property in your area has fallen due to which you cannot sell your property. In this situation, the lender can claim a deficiency payment from you. In case you cannot pay that, the lender can place a lien on your family farm. Now that is completely the discretion of the lender. He may also forgive your deficiency.
Its better you speak to the lender.
Thanks,
Jerry
I completely understand the situation you are facing. As I can understand from your question that the prices of the property in your area has fallen due to which you cannot sell your property. In this situation, the lender can claim a deficiency payment from you. In case you cannot pay that, the lender can place a lien on your family farm. Now that is completely the discretion of the lender. He may also forgive your deficiency.
Its better you speak to the lender.
Thanks,
Jerry