Pebbles, Home Seller in 46235

If my second home is foreclosed will i lose my primary residence too?

Asked by Pebbles, 46235 Sat Jun 13, 2009

My tenants aren't working out in my second home and I count on their rent to cover the mortgage on that house. I can't afford both mortgages but I have no problem paying the mortgage for the house I currently live in.

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Craig Bartels, Agent, Indianapolis, IN
Tue Oct 6, 2009
As long as you are paying the mortgage on your primary residence, no, they will not take your primary residence from you. I have never seen this done and sell 1-2 short sells each month in the area. Even in a bankruptcy, your primary residence is protected from being taken by creditors.
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Nina Mayberry, Agent, Avon, IN
Sat Jun 13, 2009
Hi Pebbles, have you tried to refinance your loan or asked for a forebearance? Talk to your lender to work something out. It's very important to communicate with them. If you can't work it out for some reason you might consider selling.

Nina
414-7371
0 votes
Hannah Flieg…, Agent, Larkspur, CA
Sat Jun 13, 2009
Hi Pebbles,

The answer depends on what type of loan you have either a recourse or a non-recourse loan and how your state forecloses either judicial foreclosure or non-judicial foreclosure. If your lender foreclosure by judicial foreclosure and gets a deficiency judgment against you then you might have your other assets sought after and loose your primary home. Here is a link to a very good foreclosure prevention workshop on line video. Good luck!

http://www.foreclosureoptionsnetwork.com
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