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01-13-2009, 04:31 AM
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If my 2nd home forecloses, and my 2nd mortgage on my...
...1st home is with that same lender, what will happen? 2 mortgages on the primary home that will remain in good standing (no late payments). The 2nd mortgage is with the same lender as the investment house. If the investment house forecloses with negative equity, will the first home be in jeopardy?
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01-13-2009, 06:40 AM
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Talk to the lender. Also talk to a lawyer. If you can transfer the second home to a business that you own before it goes into foreclosure, it may not count against you. The business will have to be incorporated.
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