It is somewhat difficult to determine your exact circumstance, but if you used the value of your home, that you own free and clear, to guarantee the loan for your rental property, and you are not making the payments, then you may have a problem and the lender may be taking steps towards recovering the loss by foreclosing on your home. You need to be speaking directly to your mortgage holder as you can probably still recover from your situation. You may also want to interview a couple of attorneys that are familiar with this kind of process. If you need help renting your property you can always ask a real estate agent for help and most will be happy to assist you. There is a huge demand for good rental property right now throughout the Saint Louis area. Good Luck - BW

you lost me - did you pull money out of your home to put down on the rental property or pull money out of the rental property to buy the home? in some areas, they will go against the rest of your assets to recoup their money, so the second house is vulnerable. How long have you owned the properties? Obviously, at the closing table when you were signing the paperwork, you didn't realize you were signing an ARM instead of a fixed loan or you would have had it corrected at that time. I think your best option right now is to contact the loan mitigation dept at the bank (they may have a different name, but that's the dept you want) and talk to them in person if possible.

If you rented or bought the home in question and did not get any paper work it will be hard to argue whatever summons your receiving.If I can try to understand your letter you bought a rental and they want almost 1000 dollars a month for the payments. Your question seems to be is your money secure? Most likely not if your not meeting the required payment. Hope this helps your letter was a little hard to understand.
Cheryl Cooper

Wow Victoria, this sounds like a mess. First off, the ARM issue needs to be straightened out. What loan company are you referring to? If this is a local lender, I would go into their office and talk to the mortgage consultant in person. If this is a dot com, it will be harder to get anything done.
I don't understand what you mean by "the house that I paid for with the money I financed the rental property with" being secure "since there is no mortgage." Can you clarify, please?
Also, if you have received a summons, you might want to contact an attorney immediately. Especially if there is a property concerned. That could be a huge loss to you if they foreclose.