If we lose house in FL can I keep Hm in Indiana

Guest 0.10 Dollars($)

Long Story short--We sold our business in IN and bought & moved to FL in Oct 2005--then the market fell thru. Now our ARM has increased in Oct 07 and jumped $900. When we moved we were going into the real estate market and hve sold 1 home in that time. We know are going back to our old profession insurance in FL. We haven't made a payment since Oct 07 for our FL home--we are trying to get a mortgage mod--my biggest concern is the small home in IN that we only owe 15,000 on and could live there. It was our ins agency, so we just got the homestead exemption in Dec filed. Should my husband quit claim the IN home to me and my son? I'm not on FL mort but on the deed. We both are on the Indiana prop.

If the mort mod doesn't go thru we probaly will rent since that's so much cheaper and let the prop go to foreclousure.
We did discuss bankruptsy but after we don't have the mort we don't qualify.
Thanks for all youour info

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi KSE,

Welcome to the forum.

See you haven't made any payment since Oct 07 for your FL home. So any time the lender may go for foreclosure. You should talk and if you can't afford mortgage modification, you can try out short sell or at least deed in lieu. Don’t let it go for foreclosure. Foreclosure is actually even bad than bankruptcy.

Best of luck,
Larry

lisascherzer · Joined: 04 Jan 2008 Posts: 746 93.70 Dollars($)

A foreclosure on one property will not effect the other. So you should be able to keep the IN property. As far as BK goes, foreclosure takes a long time so you would technically still have that home when you file. If you are going to file BK, I would suggest doing that prior to it being sold which could take up to a year or more. Hopefully the loan modification goes through for you. Most lenders want to work with you and will try and work something out that works for you as well.

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