Home Foreclosure Question for Real Estate Lawyers?
If I own two houses and have to default on my loan and foreclose on one of them, does that affect my other house? Could they take it? Would I owe the bank money, or would they just take the house I defaulted on?
The reason I ask is that we want to sell one of our homes, but the real estate agent said even if we sold at market value we’d have to PAY $ 8,000 to sell it. I’ve paid my mortgage on time EVERY month for three years, have remodeled the house, installed a solar power system… But what if the sh*&t hits the fan and we can’t pay our mortgage a year from now???
Can I just move into my other home (a run down trailer on a 10 acres) or would my one foreclosure affect the other? This is a separate mortgage with a different bank.
Let me start by saying that the closing a sale or buying is a scam by the mortgage groups, realtors, and lawyers…
I had pircked a lawyer recommended by my real estate agent and agreed on $ 600. This was a condo sale, which was difficult to move in this market. Things happened very quickly, with the lawyer needing a waiver from the condo association regarding a 1st right of refusal on the sale, as it was an FHA loan. This was a pain, but we got it. The friday, 3 days before closing, I get a call from my lawyer that I need the association to change the condo bylaws to strike the 1st right of refusal PERMANENTLY. He said at some major additional cost we can get the process started…yea…
The point is if this lawyer had told me that we had to do this from day one, I would not have agrred to move forward with the FHA buyer. Now he wants to be paid. I told him that he should review what he did and what he should have known from the start and then give me a new number to pay him. He did not budge. I am considering sending him $ 200 and telling him he is lucky he is getting this for his knowledge of FHA loans.
Should I pay? am I really liable? Should he have known that upfront? by the way, when I found out that friday and googled the waiver issue….right away I knew it was a problems. I got a real estate broker, lawyer to handle things……..