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foreclosure on second home

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k burg Guest	Posted: Mon Nov 08, 2010 12:29 pm    Post subject: foreclosure on second home Like 0 Dislike 0 Our primary residence has 4 people on title; Myself. my wife, mom and dad. Our second property that is 100% in my wifes name is possibly going into forclosure. How does this effect our primary residence with four people on the deed? We are in the state of California. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Tue Nov 09, 2010 3:43 am    Post subject: Like 0 Dislike 0 Hi kburg, Though your wife's property is going into foreclosure, I don't think it will affect your primary residence. In California, the lenders won't come after the borrowers for the deficient balance resulting from the sale. However, the foreclosure will lower your wife's credit score by 250 points. Thanks, Jerry

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