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10-25-2005, 06:47 PM
| | Junior Member | | Join Date: May 2005
Posts: 9
| | | 2 homes with the same lender ....one in default
undefinedWhat is the name of your state? MA
I have 2 homes, one in MA and one in NV. The one in MA is vacant and has been on the market for many months
(at below what I owe). The mortgage company on both homes is the same, Countrywide.
Q: If I default on the MA home and it goes into foreclosure, can Countrywide use the accelleration clause
on my other mortgage to take possession of the Nevada property as well (even though I will have never missed
a payment)? |
10-25-2005, 06:51 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,482
| | | Q: If I default on the MA home and it goes into foreclosure, can Countrywide use the accelleration clause on my other mortgage to take possession of the Nevada property as well (even though I will have never missed a payment)?
A: No.
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10-25-2005, 06:53 PM
| | Junior Member | | Join Date: Oct 2005
Posts: 3
| | | Interesting question
You raise an interesting question. I would think that they can't go after your other house as long as the payment is up to date. I will look into it
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Raquel
Foreclosure specialist
My state is California
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10-25-2005, 06:54 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,482
| | Quote: |
Originally Posted by JohnDoesdoe undefinedWhat is the name of your state? MA
I have 2 homes, one in MA and one in NV. The one in MA is vacant and has been on the market for many months
(at below what I owe). The mortgage company on both homes is the same, Countrywide.
Q: If I default on the MA home and it goes into foreclosure, can Countrywide use the accelleration clause
on my other mortgage to take possession of the Nevada property as well (even though I will have never missed
a payment)? | And don't pay anyone on this forum for "help"!
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