Have a home, buying a second home. What happens if for what ever reason I walk away from one?

Question : Have a home, buying a second home. What happens if for what ever reason I walk away from one?

for how long does this stay on your credit?
buying a second home

Best answer:

Answer by karen g
the ‘injured’ motgage company attempts to put a lien on your remaining home for the damages that they suffered by your abandonment

If the bank does this, it will be impossible for you to sell the other home and your credit will be screwed (no cars, horrible credit card interest rates etc0

This entry was posted by admin on September 2, 2010 at 6:24 pm, and is filed under Vacation Properties. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (4)
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#1 written by Mrs HarleyBrat 1 year ago

** and when /IF they come after your second home you’d have to file bankruptcy to keep them from putting a lien on the 2nd home

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#2 written by buy_sell_4az2 1 year ago

There are tons of investors who will buy your home quickly and some of them will even give you money to help you move while saving your credit rating. They know how to deal with banks and negotiating short sales, even if you have NO equity. I wouldn’t recommend walking away because bad credit follows you wherever you go.
Hope this helps you, BEST OF LUCK!

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#3 written by bailie28 1 year ago

you have a foreclosure and it ruins your credit for years..take a loss on one so you dont loose it if you cant sell it..we had to do just that…we moved three states away and took a 15000 loss on the one in nc..but at least we are out from under it and protected our credit rating

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#4 written by JD 1 year ago

Why would you buy a 2nd home if your already planning on walking away?

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