Posted on: 12th Aug, 2010 10:12 pm
I have 2 propertis in my name. 1 of the home is going into foreclosure. i want to protect my primary home. What is the best step for me to take to avoid loosing my primary home. i was thinging of doing a quick claim to a family member or file chapter 7 and exempt the property.
Hi mischa,
Is your primary residence going into foreclosure? If not, then you don't have to file bankruptcy in order to exempt it. Once your second property is foreclosed by the lender, he would ask you to pay off the deficient balance resulting from the sale of the property. If you're unable to pay off the dues, then the lender can place a lien on your property. If you pay off the dues, then the lender won't come after your primary property.
Is your primary residence going into foreclosure? If not, then you don't have to file bankruptcy in order to exempt it. Once your second property is foreclosed by the lender, he would ask you to pay off the deficient balance resulting from the sale of the property. If you're unable to pay off the dues, then the lender can place a lien on your property. If you pay off the dues, then the lender won't come after your primary property.