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smh
Guest
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 Posted: Mon Aug 31, 2009 5:04 am Post subject: owning multiple properties when primary property is in forec |
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Is it against the law to sell off other properties owned when your primary residence is in foreclosure?
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 savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Mon Aug 31, 2009 6:16 am Post subject: |
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Hi,
If your primary residence is in foreclosure, it does not affect your other properties. Thus, I believe you can sell your property, unless it is used as collateral for the loan. Your other properties are not attached to the loan in any way, I believe, right? In that case, you can definitely sell off the properties if you want. Your lender should not have any problem with that. |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Mon Aug 31, 2009 6:35 am Post subject: |
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It depends. If they can come after you for the deficiency, then they may be able to go against the other properties.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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