We have 2 five acre propertys, 1 with a 3 story home and the other with a modular. we split the property
into. we can not keep up the payments any longer and the option is to let go of the 1 home with the mortgage.
Will this effect the other property that is free and clear because of a foreclosure?
Larry,
It's going to depend on what the liens are attached to. You should have and agent pull title for you on both properties and see how they are recorded. From there you can develop a game plan.
You could sell the one with the mortgage for 10%-15% below the current market value, and you could sell it with seller financing.
It should not affect title to the other property, unless the lender tries to attach a lien to it.
We don't know what your bank note says regarding that issue.
Let us know how we can help.
Doug and Lorraine Landwehr
Century 21
208-660-4378
Hi Larry,
What is the address? Are you thinking of selling? Are the properties all ready listed?
Doug and Lorraine Landwehr
Century 21
208-660-4378
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