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Kevintorrey · Joined: 01 Feb 2011 Posts: 1 1.00 Dollars($)

I own a condo in Georgia that I rent. The rent only covers about half of the mortgage and none of the other costs related to the condo, taxes, HOA's. I also own a home in New York, that is my primary residence. I don't qualify for any refinance or bailouts in georgia. I'm upsidedown on the georgia home and I just want to walk away from it. I need to know what will happen if I stop paying my mortgage. Can the bank come after my NY home or any other money myself and my wife have in savings. Paying both mortgaes although possible is making our lives very difficult. We also will be loosing our renter in May which will make things even worse.I'm willing to do a short sale but I'm told I don't qualify.

adonis · Posted: Tue Feb 01, 2011 9:48 pm Post subject:

Welcome Kevintorrey,

If you do not pay off the mortgage payments on time, the lender will foreclose the property. After the foreclosure, the lender may place a lien on your other properties in that state. However. in order to place a lien on a property in New York, the lender will have to file a lawsuit in New York and get a judgment.

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What will happen if I stop paying my mortgage, even though on paper I can still afford to pay? Will the lender just forclose?

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