Posted on: 10th Sep, 2010 08:01 am
if I have primary residence and there is a large mortgage left , and ibuy another property as an investment ; paying cash ; and then walk away from the mortgaged property , can the the bank come after the one that I have clear title to ? Would a LLC or trust protect me .
Hi carlton,
If you walkaway from your mortgaged property, then the lender will foreclose it. If you don't pay off the deficient balance resulting from the sale of the property, then the lender can place a lien on your free and clear property.
Thanks
If you walkaway from your mortgaged property, then the lender will foreclose it. If you don't pay off the deficient balance resulting from the sale of the property, then the lender can place a lien on your free and clear property.
Thanks