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10-11-2005, 07:55 PM
| | Junior Member | | Join Date: Oct 2005
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| | | How far can the bank go?
If I buy a new home and my old one has not sold yet and falls into foreclosure, can the bank take possession of only my old home? Also, if they try to take possession of my new home, would bankruptcy protect my new home? |
10-11-2005, 08:02 PM
| | Senior Member | | Join Date: Jun 2004 Location: Connecticut
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Originally Posted by otboy If I buy a new home and my old one has not sold yet and falls into foreclosure, can the bank take possession of only my old home? Also, if they try to take possession of my new home, would bankruptcy protect my new home? | Why did you ignore the state question?
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10-12-2005, 03:10 PM
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Originally Posted by otboy If I buy a new home and my old one has not sold yet | Can you qualify for payments on two homes? The home in foreclosure is the one at risk unless you are going to be upside down. Then they could possibly sue you for the shortage and put a lien on your new home. Then, god help this country and the bankruptcy rates, you could probably file BK and save the home. Though in my humble opinion the BK laws are still a huge joke, they will change mid month and supposedly be tougher for one to walk away from their debts. |
10-12-2005, 05:20 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
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Originally Posted by Veronica1228 Why did you ignore the state question? |
**A: because the writer is in the state of confusion and did not want to openly admit it. |
10-13-2005, 10:12 AM
| | Senior Member | | Join Date: Sep 2005 Location: Sunny Fl
Posts: 1,162
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Are you IN this position or just wondering. If you are just wondering the answer is DON'T PUT YOURSELF IN IT. SELL THE OLD HOME FIRST. |
10-13-2005, 11:34 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
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Originally Posted by Gadfly Are you IN this position or just wondering. If you are just wondering the answer is DON'T PUT YOURSELF IN IT. SELL THE OLD HOME FIRST. |
**A: the writer is just wandering...... | |
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