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    sdauray52's Avatar
    sdauray52 Posts: 2, Reputation: 1
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    #1

    Jul 14, 2009, 07:52 AM
    Foreclosure of primary residence
    I am in foreclosure in my priary residence in Naples Florida. I have a second home in virginia that we have rented out,and mortgage is in goodstanding. Is there a chance they can take this home away from us?
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
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    #2

    Jul 17, 2009, 11:06 AM

    YEs, there is. You still owe the difference between the mortgage balance and what the house sells for. If they discover you have assets, they can go after that too.
    Dont treadonme's Avatar
    Dont treadonme Posts: 115, Reputation: -6
    Junior Member
    		  
    #3

    Aug 3, 2009, 09:31 AM

    You owe a debt.

    With few exceptions your assets are not off limits to your creditors.
    lessaul's Avatar
    lessaul Posts: 20, Reputation: 2
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    #4

    Aug 4, 2009, 12:19 PM
    Since your home in VA is nothing more than any other investment, this property is fair game for individual or institution to lien. Since your home in FL will most likely sell for less than the unpaid balance, your current mortgage holder file a judgement and attach a lien to the VA property. If you are able, you might want to consider making the VA property your primary homestead property, this will give you some added protection. Since the VA property is currently mortgage, depending on the equity and loan-to-value, the mortgage holder on the FL property may not want to foreclosure the VA property, they would have to pay off the first lien holder to get first position.
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