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    jj415's Avatar
    jj415 Posts: 1, Reputation: 1
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    #1

    Nov 11, 2008, 03:48 PM
    Two homes, one going to foreclosure
    I have two properties. My primary household is in San Francisco, and that is where I am living, and the second property where my daughter is currently staying which is going to go to Foreclosure soon. With the house that's going to go to Foreclosure has two separate loans which originally was on the house when I purchased it back in 2006. I want to know if my primary household will be affected by this? Will the two mortgage companies come after my savings, stocks, 401K, etc.

    Should I get advice from a Real Estate Attorney, or should I not be worried?

    I am willing to let go of the house that's in foreclosure? I just want it off my shoulders.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Nov 11, 2008, 06:29 PM

    I would get the attoreny, you will most likely owe money after they sell and not cover the loans.
    lauren6318's Avatar
    lauren6318 Posts: 36, Reputation: -3
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    #3

    Nov 12, 2008, 10:28 AM

    If your name is on the mortgage for the 2nd home, you are responsible for the loan - at the time of purchase, you probably also signed a personal guarantee. So if the home is foreclosed on and the bank sells it you are still responsible for the balance left on the loan.
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