What are the repurcussions of foreclosing on one home and not the other when paying two mortgages?
Obviously I know the person’s credit is screwed up for 7 years.
I want to know if there is any other legal action that can be taken against that person, or their primary home which never misses a payment.
If you own 2 houses and one goes into foreclosure and you own another home, the lender can try and get any monies you owe them from the foreclosed home by going after your other home.
They can put a lien on your primary home to pay for the other! If you own another home why should you get out of paying for the second one? H E L L O, quit being deadbeat!!! Why let it be foreclosed on, when you could sell it?
Yes, if the two properties are tied together i anyway. The only common tie is to use one as collateral for the other. In that case the collateral property is also foreclosed if they do not receive total amount owed to them.
Well, foreclosing is not declaring bankruptcy,s it may hit your credit record for more than 7 yrs in all potential credit areas, may affect your car insurance rates, they could still come after you personally since you didn’t discharge the debt thru bankruptcy. It may also cause the rates on your credit cards to increase
homestead the second property to keep it safe.
depending on what coutry your in. in who’s name is it registered? yes They can take everything you have… and you can even safe your name if you structure your deals correctly. I specializes in trusts in south africa. can show you how to start your own business if you need money. jwthebookkeeper@gmail.com myplanman@gmail.com
What kind of a person would buy a vacation home that they cannot afford? By doing this they have not only put their credit in jeopardy but the livelihood of their own family.
This to me is reprehensible and this person should be held accountable for their actions.