I have a primary home I am Short sale or forclosure, but I also have a investment home where my son lives and is in the deed, can the bank take it?

Asked by Olo, Charlotte, NC Wed Aug 17, 2011

I have a primary home where I live, bought a investment home and gave to my son to live and pay for it he is the Deed. I am foreclosing on my primary. Can the bank take my other home? The mortgages are in two different banks.

OLO Charlotte, Nc

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Daniel Fisher, Agent, Charlotte, NC
Wed Aug 17, 2011
Olo:
Pay a real estate attorney familiar with short sales to negotiate your short sale for you and speak to them about your concerns regarding your investment property. They should be able to negotiate to a satisfactory resolution. If you need someone to list your primary residence, we would be happy to share our experience and discuss sales strategies.
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Jim Allen, Agent, Charlotte, NC
Wed Aug 17, 2011
You need to get in touch with your lender and ask for the loss medication department. Tell them that you can no longer pay the mortgage and you are willing to give them a deed in lieu of forclosure if they will waive their deficiency rights. IF they agree take the paper work to your attorney.
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Margaret Has…, Agent, Tampa, FL
Wed Aug 17, 2011
You should always talk with an attorney about these matters. If your lender agrees, a short sale can be the best way to help salvage your credit. In order to do a short sale, you must list your home with a Realtor. When your Realtor negotiates your short sale with your lender, he/she can ask your lender to waive their deficiency rights. If they agree, then that lender won't pursue the deficiency. But of course if you have other liens on the property, you should certainly talk with an attorney about that.
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dave, Agent, Charlotte, NC
Wed Aug 17, 2011
This is a question you need to ask an attorney...As A Realtor I cannot give you legal advice. However; I think you are asking is that if the bank forecloses or short sales on your primary home can they take your other home to help pay off the difference? if that is the question I am still going to advise you seek the advice of an attorney but tell you from my experience with other transactions I have not seen it done.

Now by no means is that mean it cannot to will not. I do not practice law and thus do not know what the legal ramifications are.....
Web Reference:  http://www.davedicecco.com
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