Posted on: 26th May, 2009 11:21 pm
i have a house and condo, if i stop paying the condo how does that affect my house?
ELABORATE YOUR QUESTION............
Elle that shoudl nto affect your house in any way.
The lender may forclose on your condo and for sure it will affect your credit report and score.
The lender may forclose on your condo and for sure it will affect your credit report and score.
Hi elle,
If you stop paying the condo, the lender may foreclose it. The lender will then claim the deficient amount resulting from the sale of the property. If you cannot pay the deficient amount, then the lender will place a lien on your other property i.e your house.
Thanks
If you stop paying the condo, the lender may foreclose it. The lender will then claim the deficient amount resulting from the sale of the property. If you cannot pay the deficient amount, then the lender will place a lien on your other property i.e your house.
Thanks
One mroe thing, if you have two lenders associated with your condo, if the lsecodn lender does nto get in the forclosure process they may transfer your pendign amoutn to the collection agency.