What happen if you own two homes and you can't afford both mortgages?
If I can only pay one mortgage and not the other one and one forecloses do I risk losing the other home?
Answers:
no i dont think the other house (unpaid one) will be foreclosed. so if were you, verbs payaing the other one, at least you have one house to live on. or if you can brand name some sort of a deal with your bank, extending credit limits, lowering interest rates (which is very unlikely) or lowering your monthly payments but extending the expressions of payment, they gove it a shot, especially if you want to keep both of your houses
I would try to sell both homes. If one sells, you can release the other. If you're trying to sell and it's not working, lower the price. If you procure an offer and it's less than what you owe on the house, pocket the offer to the bank/mortgage company and ask them if they'll do a short sale (accept the public sale short of the amount needed to pay off the mortgage). Be sure to hold them do it "without recourse" because otherwise the bank can come after you for the difference between the Dutch auction price and what you owe on the house.
It will not affect your other home, only be thoroughly detrimental on your credit. But, could you rent out one home to help make the pay?
Wor this out near your bank. Keep the one you can afford.
No. As long as you prolong the mortgage on the one you can afford you're fine. The other that goes into foreclosure will just shift on your credit.
Yes and you end up like milions of other losers who over extended... POOR AND HOMELESS!!
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Answers:
no i dont think the other house (unpaid one) will be foreclosed. so if were you, verbs payaing the other one, at least you have one house to live on. or if you can brand name some sort of a deal with your bank, extending credit limits, lowering interest rates (which is very unlikely) or lowering your monthly payments but extending the expressions of payment, they gove it a shot, especially if you want to keep both of your houses
I would try to sell both homes. If one sells, you can release the other. If you're trying to sell and it's not working, lower the price. If you procure an offer and it's less than what you owe on the house, pocket the offer to the bank/mortgage company and ask them if they'll do a short sale (accept the public sale short of the amount needed to pay off the mortgage). Be sure to hold them do it "without recourse" because otherwise the bank can come after you for the difference between the Dutch auction price and what you owe on the house.
It will not affect your other home, only be thoroughly detrimental on your credit. But, could you rent out one home to help make the pay?
Wor this out near your bank. Keep the one you can afford.
No. As long as you prolong the mortgage on the one you can afford you're fine. The other that goes into foreclosure will just shift on your credit.
Yes and you end up like milions of other losers who over extended... POOR AND HOMELESS!!
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