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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.
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.