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Foreclosure is imminent. Help!

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Benson_mallory Joined: 04 Nov 2010 Posts: 1 1.38 Dollars($)	Posted: Thu Nov 04, 2010 9:19 pm    Post subject: Foreclosure is imminent. Help! Like 0 Dislike 0 I have a balloon loan in default and my home is the collateral. Foreclosure is imminent. I'm in NC. I own another home that I've been buying directly from the seller through payments and it's nearly paid off. Can someone explain to me the lien process and how I can protect this second property after the foreclosure? If I lose that, I will be living in an alley somewhere. I'll have nothing left in the world. I'm considering filing bankruptcy, but it seems excessive since the house going into foreclosure is the only bill I can't pay. Can anyone offer me any advice or explain the lien process? Is it likely they'll come after me that way? Will the liens force me to sell my second property? Thanks.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Nov 05, 2010 12:51 am    Post subject: Like 0 Dislike 0 Hi Benson_mallory! Welcome to forums! If your property is foreclosed by the lender, then you will be liable for paying the deficient balance resulting from the property sale. If you pay off the deficient balance, then the lender won't come after your second home. However, if you're unable to pay it off, then the lender will be able to place a lien on your other property or garnish your wages. Feel free to ask if you've further queries. Sussane

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