Can I give my primary residence to the bank, can they come after other 2 houses I have, one is paid in full.?
I have 3 houses, 1 in NC, which is rented and has equity, and 2 more in FL, one is my primary residence and the other is recently vacant (but it is paid in full). I have tried to sell my primary residence, but even after reduced by 50K still did not sell. Now prices are even lower, my primary residence worth 100K less than a year ago. Anyways, since I do not longer have the rent income from the other FL house, it has been difficult to keep the payments on my primary residence. I talked to the bank and they said they can not help based on my income. So I am considering giving the house back to the bank or if they do not accept doing foreclosure and move to the other house in FL (which is pay in full). Can the bank come after the other houses (if they sell for less than the balance)? Thanks, Andy
You need to be asking an attorney this question. Real Estate agents can not give legal advice.
Carol Ann Sargeant
H & M Realty of Polk County
CarolAnn@H-MRealty.com
By all means they certainly can come after your other assetts and attach them through the court for the balance form what you owe less what they get at foreclosure sale. The first thing the bank does is assess if you have the ability to pay now or in the future. A real estate attorney can tell the specifics of any specific laws to your state. Your best bet is to try and work with the bank no matter what you decide. i would first try a short sale, if you do decide to through in the towel then you should ask about a deed in lieu for foreclosure and negotiate with them what happens to the balance. dont just give it back without first trying to protect your self. good luck with working things out.
Andy,
They will not come after your other houses if this one foreclose because all the properties have different accounts and they cannot touch other properties. I'm sorry to hear about your situation and did not get any offer. My suggestion would be to work with an expert short sale agent because they know how to deal with the lender and sell your house and avoid from foreclosure. If you would like me to refer a good short sale agent for you then please let me know. You can send me an email to blaison@blaisonsamuel.com.
Blaison Samuel
Certified Short Sale Expert
GREAT QUESTION: Sorry to hear all, however confer with a real estate attorney. I each home should "stand alone" regarding banks / financing however you need to review all your circumstance with an attorney who can assist you in protecting your assets.
Didn’t find what you were looking for? Ask a question!
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
Fair Housing and Equal Opportunity