can the banks place a lein

**pgh1055** · 02-18-2010, 08:11 PM

Looking for some answers. I live in Florida and I am looking to purchase a second house and rent my first home. If I am unable to maintain the mortgage on the first home and the bank forecloses, are they able to place a lien on my second home.

Thanks in advance.

**Makati Condos** · 02-21-2010, 10:04 PM

Avoid Foreclosure. Contact a local short sale specialist (realtor familiar with short sales.) The specialist can negotiate with your lender to accept as low at 80% market value. That's one heck of a deal to the buyer and on your credit report it will say "loan settled." The bank will send you a 1099 next year for any lose and you need to report the loss as income earned. I do short sales in Atlanta for clients. It's painless and easy and you can sell the home in less than two weeks at the right price. If your home is foreclosing this month or next call your loss mitigation department and ask for an extention and that you are listing with a short sale specialist. The bank will send you a short sale package for you to complete and the same time may remove the home off the foreclosure list.

**Waterfront Specialist** · 02-22-2010, 04:11 AM

Originally Posted by pgh1055

Looking for some answers. I live in Florida and I am looking to purchase a second house and rent my first home. If I am unable to maintain the mortgage on the first home and the bank forecloses, are they able to place a lien on my second home.

Thanks in advance.

no, when a bank forecloses you and takes back the home it wipes out that debt, they can not hold you in charge for whatever they do not get in the foreclosure, that is their cost of doing bizz but your credit is going to be shot