I have 2 houses with 2 seperate mortgages. If one goes into foreclosure will it affect the other in any way?

Question

They are financed through different lenders.

Answer 1

If you want to avoid foreclosure and keep your house give me a call.  I work for one of the largest modification agencies in the country.

Stephen Marcus

Modification Advisor

[phone] - Office

[phone] - Fax

American Modification Agency

333 Earle Ovington Blvd. Suite 240

Uniondale, NY, 11553

www.yourama.com

"Saving America One Home at a Time"

Answer 2

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!

Answer 3

The answer to your questions is that one does not affect the other.

You are the link between the two properties and thus, letting one go will impact your ability to refinance the other at a future date - if refinance is what you want to do at some point in the future.

If things are not too far gone, it may be possible that you could leverage the equity in one of the homes to restructure your debt to more affordable payments and save the other home. Talk to one of your lenders to discuss the options.

Also, ask you lenders about the various Stimulus loans that you may qualify for in an attempt to save the home.

http://mortgagefodder.blogspot.com

Answer 4

nope.

Specific lien on first mortgages, only for the mortgage defaulted on.

Answer 5

It depends on if you used it as collateral to get the other mortgage.  Are you declaring bankruptcy?  

Most likely, they cannot touch your other house but without more info, it's hard to say.

Answer 6

If the house in foreclosure sells for less than what is owed plus all the fees, etc., chances are the lender will seek a deficiency judgment and file a lien on the other property. Filing a bankruptcy may be the only way to protect yourself from that eventuality. You could reaffirm on the other property (I imagine that would be your primary residence) and include the other in the bankruptcy.

Talk to an attorney and be sure you have exhausted all of your other alternatives before letting a house go to foreclosure. It is worse than a bankruptcy in a mortgage lenders eyes anyway.

Good luck.