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patricia lee
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0.10 Dollars($)
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 Posted: Tue Aug 28, 2007 2:25 am Post subject: can the bank place a lien on the home that you live in |
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If you forclose on 1 home can the bank place a lien on the home that you live in? My husband passed away and I cannot afford to pay both mortgages I am trying to sell the other property but it does not look to good. If it does go into forcloseure can it affect the home that I live in? I am not on the mortgages but I am on the deed with both properties.
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 larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Tue Aug 28, 2007 2:50 am Post subject: |
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Hi Patricia,
Welcome to the forum.
If you still owe money after foreclosure, the bank may initially pass a deficiency judgment against you in the court. To recover the loan balance,if necessary, it may also place a lien on the house where you live. |
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Rosetta
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| Posted: Tue Aug 28, 2007 4:14 am Post subject: |
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Hi Patricia,
Only if the lender has a court order with him, he can place a lien on any of your personal assets, including your second home to recover the due balance of the loan even after foreclosure on your first home. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Tue Aug 28, 2007 2:25 pm Post subject: |
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| Quote: | | If you forclose on 1 home can the bank place a lien on the home that you live in? My husband passed away and I cannot afford to pay both mortgages I am trying to sell the other property but it does not look to good. If it does go into forcloseure can it affect the home that I live in? I am not on the mortgages but I am on the deed with both properties. |
I would suggest that you ask the mortgage company to consider taking the house through deed in lieu of foreclosure. If it is accepted then they normally waive their rights to claim deficiency judgment.
Miller |
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patricia lee
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| Posted: Tue Aug 28, 2007 4:29 pm Post subject: the mortgage was in my husbands name only he passed away |
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| I am on the title only in both properties not on the loan the one property will probably go into forclosuer or short sale. my question I live in florida and the property that I live in i can afford. The other one can be rented but not for what the mortgage is. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Tue Aug 28, 2007 5:25 pm Post subject: |
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I missed out some of the points in your previous post Patricia.
The thing is, using deficiency judgment a lender can place lien on owner's other property. But your husband is no more. So the lender cannot sue for getting a deficiency judgment.
Miller |
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Rosetta
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| Posted: Wed Aug 29, 2007 12:58 am Post subject: |
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Hi Patricia,
When you cannot afford to pay for the other house, you can go for a short sale. By accepting a short sale, the lender may allow you to sell the house for an amount lesser than what you own and may forgive any remaining debt.
This is a way by which you can avoid foreclosure. It affects your credit lesser than what a foreclosure does. With this process, the lender may also save the costs that are involved in a foreclosure. You can be eligible to buy a new home only after 18 months from a short sale. But a foreclosure will remain as a negative item on your credit report for 8 years and you may be denied any loan further.
But with a short sale, the lender may require you to pay for the difference between the sale amount and the loan amount. In that case, you have to bear it by using your personal fund. |
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