Q: Will the bank go after me if they know that I have another house already paid off when I foreclose the house that is still under a mortgage? My name is LE and I have 2 houses. One already paid off. The other is still under a mortgage and I owe the bank a lot more than the value of the house. if I foreclose the house and still have mortgage with the bank, will the bank agree to let me walk away when they know I have another house that is already paid off or they will go after me when they sell the house for less than what I owe them? Please let me know what I am supposed to do. Thank you.
?Anonymous, Lawrenceville, GA
A: Since you have assets, the bank will likely require that you pay the loan. Whether you short sell the house or the bank forecloses, odds are that the bank will pursue you for the deficiency. The best thing you can do is to speak with a real estate attorney about your situation. An attorney may be able to negotiate a beneficial settlement.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.
A: Dear GA Homeowner,
Before you go into foreclosure or sell via short sale, have you considered a HARP loan or a modification loan? Home Affordable Refinance Program (HARP). If a lower house payment would help you keep your home, you may want to consider these two options.
If you?re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. You can get more information at the MakingHomeAffordable.gov web page.
If you?ve suffered a hardship that has caused you financial strain, you can try to modify your existing home loan by contacting your current lender and asking for a loan modification application.
My understanding about foreclosures and short sales is that it does not affect your other properties. Many people own two or more homes. They may live in one home that is completely paid off, but are unable to continue making payments on their other property and lose the other property to foreclosure. Unfortunately it is very common these days. I suggest contacting your lender and asking them directly.
I hope this information is helpful.
DeniseTheRealtor CA DRE Lic No 01481788
Denise Shur is a Realtor? with 1:1 Realty in San Jose, CA.
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