Posted on: 10th Nov, 2008 03:09 pm
how it effects another home, cars or anything you own
another home, cars you own
Hi guest!
Welcome to forums!
As far as I know your other properties or personal assets will not be affected due to the foreclosure on one property. However, in case, there is a deficiency from the sale of the property and the lender cannot recover the whole amount, he may ask you to pay the deficiency. If you cannot pay, he may place liens on your properties.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I know your other properties or personal assets will not be affected due to the foreclosure on one property. However, in case, there is a deficiency from the sale of the property and the lender cannot recover the whole amount, he may ask you to pay the deficiency. If you cannot pay, he may place liens on your properties.
Feel free to ask if you have further queries.
Sussane
We bought a travel trailer a couple of years ago. Now my husband is facing a lay off. How do we let the trailer go back. What happens if we quit paying the note? We have never missed or been late on the note.
Hey guest,
If you stop paying for the mortgage, the lender will foreclose the trailer and your credit will be badly ruined due to that. If you cannot afford to pay off the debts, speak to lender about your hardship and check out ways to avoid foreclosure.
If you stop paying for the mortgage, the lender will foreclose the trailer and your credit will be badly ruined due to that. If you cannot afford to pay off the debts, speak to lender about your hardship and check out ways to avoid foreclosure.