Guru

I am going thru rough time and not able to pay my mortgage on investement property which is on my name and tiltle is on both my name and my wife name. I called the bank they told me to send a letter and also my income expenditue. I also own Primary home good with payments.



Going fwd if foreclosure happens will my wife liable for any repayments.

Will the bank post lien on my primary residence.

Comments(1)

  • cjmazur5th November, 2008

    you have to check the law in the state in which the property is located and if they were purchase money or non-purchase money mortgages.

    In CA if they we purchase money, the asset secured by the mortgage/deed of trust is all that is pledged as collateral.

    Community property may come into play.

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