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cranbery38 · Joined: 06 Oct 2010 Posts: 2 1.62 Dollars($)

I have a home in georgia with a first and second mortgage, the first mortgage has a 10% APR and the second has a 15% APR, I am current on both since 2003.
I recently moved to california for work and purchased a home in the bay area.

The value of my georgia home has dropped to 140K from 210K and the rent I can obtain will cover approximately half the mortgage.

I was twice denied a loan modification from HSBC and am considering letting it go to foreclosure, will I be liable for the unpaid balance after foreclosure and do I continue to make property tax and home insurance payments during the foreclosure process.
Thanks in advance for any information

FYI my california home is now my primary residence.

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi cranbery38,

Welcome to mortgage fit,

As far as foreclosure is concerned there are two types of foreclosure allowed in georgia.

1.Judicial Foreclosure: Lender files a lawsuit against the borrower and then court take the decision accordingly.

2.Foreclosure by power of sale : Lender retains his right to sale the property without any intimation to the borrower if borrower fails to pay the monthly mortgage payment.

I am not sure which type of foreclosure you would be facing and lot more depend on the lender's move.

It is for very sure that even after foreclosure is over lender has the full right to come after your other properties in order to recover all his/her dues.

Feel free to ask any further query if you have..........

DIPA

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