Posted on: 07th Jul, 2009 09:58 pm
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
can the bank come after my primary residence ? thanks.Adrian
Hi Adrian,
If you are unable to make payments on your two properties and you default on your town home, your lender can foreclose on it. However, they will not be able to foreclose on your primary residence. In case of a default, the lender can foreclose only on the collateral. Thus, if you stay current on the mortgage on your primary residence, the lender cannot come after it. But the lender may get a judgment against you if you fail to pay off the mortgage on the town home and may place a lien on your primary residence.
If you are unable to make payments on your two properties and you default on your town home, your lender can foreclose on it. However, they will not be able to foreclose on your primary residence. In case of a default, the lender can foreclose only on the collateral. Thus, if you stay current on the mortgage on your primary residence, the lender cannot come after it. But the lender may get a judgment against you if you fail to pay off the mortgage on the town home and may place a lien on your primary residence.
thanks!!!
thanks!