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Posted on: 08th Jul, 2009 10:53 am
my wife and I we are in proces to buy a bigger house -2240sqft-we also own a town home (smaller-1563 sqft - and we try to rent this one). What hapend if we are not able to pay 2 mortgages?Can you offer any advice?How it will affect us for our primary property(2240 sqft).We live in Las Vegas.
can the bank come after my primary residence ? thanks.Adrian(on townhome mortgage is in my name-on 2240sqft is on both mames)THX!
Hi steliosbogdan,

If you cannot afford both the loans, then the lender would foreclose the property. This will help him to recover the dues by selling off your property. If you cannot pay the mortgage for your rental property, then the rental property will be foreclosed upon and if you cannot pay the deficient amount, the lender may place a lien on your primary property.

Posted on: 08th Jul, 2009 10:06 pm
Posted on: 08th Jul, 2009 10:40 pm
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