Comments on: Why So Many Strategic Default Short Sales?

By: Nell Yearego

Nell Yearego — Tue, 24 Aug 2010 16:26:51 +0000

Unless the mortgage you sign pledges BOTH properties as security for both loans, they can only foreclose on the property pledged to secure the loan you default on. Without reading the actual MORTGAGE, which is a separate document than the loan, I can’t be certain, but I doubt both homes are pledged for both loans. The CAN sue you for the difference between the proceeds from selling the house the foreclose on and what you owe. After winning that case (they WILL win), they can ask the court to place a judgment lien on EVERYTHING you own. If you have no equity in the house you keep current, there is not reason for them to force a sale.

By: Colby Darracott

Colby Darracott — Tue, 24 Aug 2010 12:56:53 +0000

It depends if you live in a recourse state or a non-recourse state. Recourse means that they can sue you in civil court. 2nd mortgages are pretty much ALWAYS recourse loans…even in non-recourse states. Even if you live in a non-recourse state, the amount of money that you stiffed the bank for is considered income and the bank will issue you a 1099 for that. Some people are hundreds of thousands of dollars underwater. How would you like to pay the taxes on that? Next time, buy a house you can actually afford. Rates are at all time lows and you STILL cannot afford your house payments.

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loan modification forum — Thu, 22 Jul 2010 12:59:06 +0000

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