Foreclosure in 85901>Question Details

Motherof3, Other/Just Looking in Show Low, AZ

Can I lose my 2nd home when forclosing on my first? Both are primary residences.

Asked by Motherof3, Show Low, AZ Fri Feb 12, 2010

Help the community by answering this question:

Answers

5
You need to check with your bank or lending institution. As realtors we are not allowed to give legal or tax advice. It is always best to go directly to the source.
0 votes Thank Flag Link Wed Mar 24, 2010
Dear Mother:

Your primary (one of the two) should be protected if you keep up the payments. However, depending how your loan agreements are structured you should seek some legal advice from a real estate attorney.

Also, not sure where you are in the proceedings, but you may want to consider a short sale. Arizona is a non-deficiency state, preventing the lender from coming after you for the deficiency. Again, check with your attorney. The advantage? A short sale is better for your credit.

If you would like to consider a short sale here is a webinar link to provide you with more information. Let me know if you need a Real Estate Agent to initiate the short sale for you if you wish to go that direction.

May I wish you the best.

Regards, Jeff

Jeff Masich, Realtor®
Arizona Homes and Land
480-556-0940
JeffMasich@ArizonaHomesLand.com
HomeSmart Real Estate
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Fri Feb 12, 2010
You want loose both homes unless you stop payment on both and they both get foreclosed. However, depending on the state and how the lenders foreclosure they can create a judgement which can effect any sell of the second home. It is all about if deficeinces are obtained by the lender.

If you are looking at options to save your assets talk to a local expert and identify your primary home and the best way to save the equity.

Keith Manson
First Weber Group
Certifed Distressed Property Expert
Metro Milwaukee

http://milwaukeebailout.com
0 votes Thank Flag Link Fri Feb 12, 2010
Frank is correct. According to the IRS and the lender holding your home loan, you can only have one primary residence at a time.
0 votes Thank Flag Link Fri Feb 12, 2010
Motherof3: You can only have one primary residence! Refinancing A Home When You Own Various Homes And Claim More Than One As A Primary Residence Is Trouble. Read More: http://www.thinkglink.com/article/2010/01/28/refinancing-a-h… Regards,
0 votes Thank Flag Link Fri Feb 12, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer