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I have 2 homes and thinking of forclosing on 1. Can the bank could go after my other house

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February 15 2011 - Cabrillo
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Profile picture for shasta_steve

In California it would be highly unlikely.   If the house that forecloses was your principal residence, at any time, and the loans were purchase money and not renfinanced then absolutely no.  If you only have one loan, and it was refinanced, the bank would have to do a judicial foreclosure to come after you at all.  They are almost unheard of in California for residential property, so no.    If you have a non-purchase money second loan on the house then it is possible they could come after you but very unlikely they would go after your other house.  It is basically like you defaulted on a credit card and they would more likely try and attach your wages, if that were an option for them. 

If I had to give advice I would spend a few hours looking up things on the internet and if you are still confused talk to a "good" real estate attorney. 

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February 15 2011
Profile picture for wetdawgs

This is a good time for a meeting with a real estate attorney.  If you foreclosing on something other than your primary residence, it is quite possible that the lender will go after other assets.

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February 15 2011
 
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I have 2 homes and thinking of forclosing on 1. Can the bank could go after my other house
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February 15 2011 | 2 answers
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