What happens if you own two homes and you can't afford both mortgages?

Question

If I can only pay one mortgage and not the other one and one forecloses do I risk losing the other home?

Answer 1

Yes and you end up like milions of other losers who over extended...  POOR AND HOMELESS!!!!!!

Answer 2

Wor this out with your bank. Keep the one you can afford.

Answer 3

It will not affect your other home, only be very detrimental on your credit.  But, could you rent out one home to help make the payment?

Answer 4

I would try to sell both homes.  If one sells, you can save the other.  If you're trying to sell and it's not working, lower the price.  If you get an offer and it's less than what you owe on the house, take the offer to the bank/mortgage company and ask them if they'll do a short sale (accept the sale short of the amount needed to pay off the mortgage).  Be sure to have them do it "without recourse" because otherwise the bank can come after you for the difference between the sale price and what you owe on the house.

Answer 5

No. As long as you maintain the mortgage on the one you can afford you're fine. The other that goes into foreclosure will just go on your credit.

Answer 6

no i dont think the other house (unpaid one) will be foreclosed. so if were you, continue payaing the other one, at least you have one house to live on. or if you can make some sort of a deal with your banks, extending credit limits, lowering interest rates (which is very unlikely) or lowering your monthly payments but extending the terms of payment, they gove it a shot, especially if you want to keep both of your houses