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Foreclosure Threatens |
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Edith: My husband has received foreclosure papers on his house he had before we got married and purchased our primary home. I don't want our primary home to end up with a judgement. My husband does not wish to try to keep the second house. Would we be better off to sell the second house if possible and pay on what we still owe (would we be able to get a loan on what we owe?) . I will not lose our primary home. |
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Yes, if a foreclosure sale doesn't bring enough to pay off the loan, a judgment could be placed against your husband's other property, including your home. That isn't always done, but it's a possibility.
Yes, it's always wise, when foreclosure threatens, to sell the place promptly at a bargain price. But you don't say if the house is worth more than the debt against it. AT any rate, I'm not sure what you're asking about another loan -- you certainly couldn't get one on the place being foreclosed.
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Edith
Originally published on January 26, 2008 |
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