Foreclosure On One Property Affect Another We Own

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Archie

Joined: 09 Nov 2009
Archie's page
Posts: 63

9 Magic Points

Subject: Foreclosure On One Property Affect Another We Own

Mon Nov 23, 2009 12:59 pm

My husband and I have two homes. House No. 2 had a buyer with lease/option that fell through recently. We do not have the money to pay for two homes (rent will not cover mortgage). House No. 2 has a home equity loan attached to it. If we let it go back to the bank, can they attach the home equity on to House No. 1, the one we live in? We cannot sell House No. 2 for what we owe in this market.

marcusandila

Joined: 27 Oct 2009
marcusandila's page
Posts: 142

3034 Magic Points

Tue Nov 24, 2009 6:08 am

achie, i dont think that you can attach the home equity from house to another. equity is based on the home itself.

that's a good question though. im curious to know the answer as i own 2 houses as well.

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