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 foreverbetter
Joined: 01 Jun 2009
Posts: 1
1.00 Dollars($)
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 Posted: Mon Jun 01, 2009 7:58 am Post subject: Can the Lender take or attach other property? |
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| 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 $50 grand in value. We also have another piece of property free and clear, I have notified the lender and they are willing to do either the Short Sale or DIL. My question is, we don't want to make any more payments nor do we want to pay any closing costs. Can that be done? And, can the bank attach or take our other property? Thank You |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Mon Jun 01, 2009 8:51 pm Post subject: |
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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. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Mon Jun 01, 2009 8:57 pm Post subject: |
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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 |
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