Search Foreclosed Homes For Sale
April 14th, 2010
Search Foreclosed Homes For Sale
Question: Will i lose all my homes and jobs ect to foreclosure of just one home?
I moved to a new town from chicago 7 months back. we bought a new home here. We kept our condo in Chicago for sale since april. we changed two realotors, went 20K below the average price, did everything we can. but it just doesnt sells. Now all my savings are exhausted and i cant pay two mortgages (new home and old home). I was thinking of foreclosing the old home as i cant pay the mortgage anymore and iam not even living there.
In my salary, i can pay my new home mortage, all my credit card bills,etc. My question is that if i foreclose the chicago condo. Will i lose my new home, job or my other credit cards , etc also?
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On doing google search i found out tat one can foreclose by simply not paying the mortage and the rest is taken care by the company. but i really dont wanna do that. Do you think its possible tat i just call my lender and say them abt my inability to pay the loan. Is this a good option? or are lenders very mean and unhelpfull in this.
Answer: I recommend that you hire an attorney who specializes in real estate law before you talk to the lender.
Follow the advice of your attorney.
Some of the other responders have given you advice that I suspect may not be in your best interest.
Your attorney will be able to give you a much better answer and it will not cost all that much compared with what you have to lose if you do not talk to an attorney.
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