person has 2 properties, about to lose their investment, is their primary residence in jeapordy?

Asked by Ric Torres, Fri Nov 23, 2007

will they go after the primary residence?

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Megan Manly, Agent, Nashville, TN
Fri Nov 23, 2007
The primary would be in jeopardy if the loan payment is behind on that property especially. Now, if the other goes into foreclosure you would definitely want to consult with a bankrupcy attorney ASAP.
1 vote
Mario Pinedo,…, Agent, Cupertino, CA
Fri Nov 23, 2007
I see from your zip code that you are in Los Angeles. Most loans in California are non-recourse - which means the only security the lender has on the their loan dollars is the property itself. If your investment property is in California and has a non-recourse loan then your principal residence may be ok. I highly suggest you speak to your lender and an attorney to see what the real situation is. Before losing your investment property - request from the lender a restructuring of the loan. Many lenders are now being cooperative with this workout. Best of luck.
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