Can the Lender take or attach other property?

Author Message
Icon Mini Profile foreverbetter




Joined: 01 Jun 2009

Posts: 1

1.00 Dollars($)
PostPosted: Mon Jun 01, 2009 7:58 am    Post subject: Can the Lender take or attach other property?

I live in Florida. Our primary home is paid for. The property in question was a lease back to the builder to use as a model. I got laid off and the builder gave 45 day notice of departure the same day! My husband is retired and does receive a retirement, but not enough to "carry" the model home, which had lost about $50 grand in value. We also have another piece of property free and clear, I have notified the lender and they are willing to do either the Short Sale or DIL. My question is, we don't want to make any more payments nor do we want to pay any closing costs. Can that be done? And, can the bank attach or take our other property? Thank You
Icon Mini Profile Realgeni




Joined: 13 Apr 2009

Posts: 1434

99.77 Dollars($)
PostPosted: Mon Jun 01, 2009 8:51 pm    Post subject:

Foreverbetter your message was little confusing, when you say you do not want pay any closing cost?

The lender cannot come after your exisiting property after you do a short sale. Make sure you have the right terms and conditiosn on your short sale agreement.
Icon Mini Profile smithsussane
smith.sussane



Joined: 18 Sep 2008

Posts: 3738
Location: Alaska
561.45 Dollars($)
PostPosted: Mon Jun 01, 2009 8:57 pm    Post subject:

Hi foreverbetter!

Welcome to forums!

If you are going for a deed in lieu, then the deficient amount resulting from the sale of the property will be forgiven. So, the lenders won't attach a lien to your free and clear property. However, if you go for a short sale, you will be liable for the deficient amount. In that case, the lender may place lien on your free and clear property.

Feel free to ask if you have further queries.

Sussane
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help

Explore the lender near you

Google Map Image

MF Talk



DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0