I lost my job & can't make my (FHA) house payments I also have a 2nd mortgage. Before I lost my job we were
in the process of closing on an investment home using 401k funds We are paying cash for the investment property, (less than 1 10th of the cost of our primary res.) What are the problems I will get myself into if I walk away from my primary mortgages and move into the investment home, Can they take the 2 nd home from me? I am not comfortable being in this situation and don't seem to have a lot of options.
Jim. I would suggest that you seek the advise of an attorney. Certainly you should reach out to your lender and try to negotiate a loan modification. President Obama's "Affordable Housing Plan" which does include FHA loans would allow you to do a loan modification. Call the lender and ask for the loan modification department and talk to a counselor.
Jim,
I agree with Maureen, only a lawyer would be able to explain the legal pitfalls of walking away.
Perhaps you've missed the State of Michigan commercials about taking steps to save your home.
http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177801--…
They may provide some other options.
Your job loss is a hardship. You might consider doing a short sale on your primary residence. In a short sale, the lenders accept the shortfall and they can agree not pursue you later for the unpaid debt. If you walk away you have no guarantees that the lenders will not come after you.
Speak to a lawyer who is well versed in this area of the law.
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