can lender go after my home

[escamar]

What is the name of your state (only U.S. law)? VA

I have a condo that is upside down about 170k. I can't afford the payments anymore especially since I have no tenants.

Can the lender go after my primary residence if the condo goes into foreclosure? Also can the lender go after any of my personal assets? Should I try to short-sale the home instead? Being 170k under I don't know how I can short-sale my home.What is the name of your state (only U.S. law)?

[swrdmbo]

If you allow the property to revert back to the lender you will most likely incur all legal fees, and any deficiency between the amount owed, and what they eventually sell it for. They will most likely get a deficiency judgment which they can use to attach any and all of your assets, including your primary home.

It would be much better for you to try to take care of this yourself, if at all possible. If not, contact the bank and see what your options are.I can't guarantee you will have any, but it is always better to be proactive than to bury your head in the sand, waiting to see what happens.

Good luck.

[HomeGuru]

Originally Posted by escamar

What is the name of your state (only U.S. law)? VA

I have a condo that is upside down about 170k. I can't afford the payments anymore especially since I have no tenants.

Can the lender go after my primary residence if the condo goes into foreclosure? Also can the lender go after any of my personal assets? Should I try to short-sale the home instead? Being 170k under I don't know how I can short-sale my home.What is the name of your state (only U.S. law)?

**A; yes, yes and yes.

[HelpinMN]

I'm actually a little curious about this too. I've been told that they can go after other assets before. My question is: if the property is collateral for the loan how can they go after the rest of your assets if they were never put up as collateral? Does this mean that any loan you take out includes everything you own as collateral? Or does it mean that they would just put a judgment on your credit that you would be obligated to pay if you ever wanted to get credit again but other then that they can't really go after you?

EDIT:I got curious enough to use a little google-fu the list doesn't include VA but its a start for you to research it.
[url]http://www.helocbasics.com/list-of-non-recourse-mortgage-states-and-anti-deficiency-statute[/url]

(I'm not sure if this kind of linking is permitted, if not please delete)

[HomeGuru]

Originally Posted by HelpinMN

I'm actually a little curious about this too. I've been told that they can go after other assets before. My question is: if the property is collateral for the loan how can they go after the rest of your assets if they were never put up as collateral? Does this mean that any loan you take out includes everything you own as collateral? Or does it mean that they would just put a judgment on your credit that you would be obligated to pay if you ever wanted to get credit again but other then that they can't really go after you?

EDIT:I got curious enough to use a little google-fu the list doesn't include VA but its a start for you to research it.
[url]http://www.helocbasics.com/list-of-non-recourse-mortgage-states-and-anti-deficiency-statute[/url]

(I'm not sure if this kind of linking is permitted, if not please delete)

**A: thanks for researching.

[swrdmbo]

If the people you owe money to get a judgment against you then all your assets are fair game.

[JudyH608]

Read my earlier responses one to:
Delinquent Mortgage Payments by o56mudduck

I would advise what I wrote previously as you need to get informed with what to do to prevent this. Do a google search of "homeless prevention Virginia" and include your city. You will come up with agencies (government and non-profit) to help you. The agency can contact your mortgage company on your behalf and it's possible they can get a workable resolution so you don't lose your condo. If that's not possible for you, then the agency will inform you your best options, which most likely would be for you to list the property with a real estate agent. I believe the agent would then contact your mortgage company, this will buy you 3 months (Illinois law). This would stop the foreclosure and give you that time to find a buyer. The agency would also be able to tell you what you can do once the time-limit is up... there may be other options. You can try your local Department of Human Services.

Best wishes.

Originally Posted by escamar

What is the name of your state (only U.S. law)? VA

I have a condo that is upside down about 170k. I can't afford the payments anymore especially since I have no tenants.

Can the lender go after my primary residence if the condo goes into foreclosure? Also can the lender go after any of my personal assets? Should I try to short-sale the home instead? Being 170k under I don't know how I can short-sale my home.What is the name of your state (only U.S. law)?