If one house, my husband and I own, forecloses, can the bank attach, or put a lien, on our other house? We have a terrible loan we took out on our rental (14% and rising) because of a year of unemployment. We can no longer keep up the huge payment on our second home. Our credit was destroyed when both houses went into foreclosure during the year my husband was unemployed, so I doubt we can re-fi.
The house appraised at $350,000 and the loan is for $200,000, but renters have made the house unhabitable, and we can not afford to get it in shape to sell. This is in California, and the house is losing value daily, as our payment increases.
We'd consider bankruptcy and even divorce to keep our home. I can not afford an attorney.
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