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

    Mar 31, 2010, 02:22 PM
    Will a foreclosure on a second residence affect the primary residence
    I was building a house in North Carolina about three years ago. All of the work stopped because the bank gave all of the money to the builder without checking on the work. They ran out of money and the house was never finished. I waited two years to see what would happen. The bank's lawyer finally sent me a foreclosure notice for a hearing. I do not have the money to pay a lawyer to fight it. Will they be able to take my primary residence away from me in South Carolina if I did not put it up as collateral?
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #2

    Apr 1, 2010, 06:50 AM

    Generally speaking, they cannot "take" your other home... BUT if they get a judgment against you for the one that is being foreclosed on, they can then file a lien against your other home... which you would have to pay if and when you refinance or sell.
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