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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: possible forclosure in Nevada Posted by Kim on May 10, 2008 at 11:42 AM In Reply to: possible forclosure in Nevada posted by Liz on May 04, 2008 at 1:13 PM : I bought a home in April 2007. I bought the house about 45min away from work and lived there until January 2008 when I rented it out. I have recently purchased a new home closer to work. My renters moved out almost a month ago and I cannot afford both payments. I owe way more than what the house is worth and therefore won't be able to sell it for my loan amount. My 1st house hasn't gone into foreclosure yet but I'm sure it will soon. The first house has a 1st & 2nd on it that I got when I bought the house(no down payment) I read other posts that said it is possible for the 2nd to come after you for the balance that is not paid during forclosure or that they will issue a 1099 for the unpaid balance. I am trying to figure out what will happen if my 1st house forecloses; as far as pay the remaining balance or having it basically written off. I am also wondering if they can do anything to my new house. Can they take that one away from me too even though I am making the payments on time? I know there are a lot of questions here but any help would be greatly appreciated. No the bank can not come after your primary house. If you are making your payments on time their is no way the Bank can come after it. Now what you can do with your investment house is try to get renters in their. or you can get in contact with a Loss Mitigation company who might be able to save your house. Now what you want to happen is to hold off the bank until you can find renters to rent the home. Whenever I see people who are in simmilar situation as myself I always refer them to the company that have helped me get out of my tough situation. Try; L.S.M Consulting Servcies they are a Loss mitigation comapny their website is www.savingyourhouse.org I think they might be able to help you Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I bought a home in April 2007. I bought the house about 45min away from work and lived there until January 2008 when I rented it out. I have recently purchased a new home closer to work. My renters moved out almost a month ago and I cannot afford both payments. I owe way more than what the house is worth and therefore won't be able to sell it for my loan amount. My 1st house hasn't gone into foreclosure yet but I'm sure it will soon. The first house has a 1st & 2nd on it that I got when I bought the house(no down payment) I read other posts that said it is possible for the 2nd to come after you for the balance that is not paid during forclosure or that they will issue a 1099 for the unpaid balance. I am trying to figure out what will happen if my 1st house forecloses; as far as pay the remaining balance or having it basically written off. I am also wondering if they can do anything to my new house. Can they take that one away from me too even though I am making the payments on time? I know there are a lot of questions here but any help would be greatly appreciated. : No the bank can not come after your primary house. If you are making your payments : on time their is no way the Bank can come after it. : Now what you can do with your investment house is try to get renters in their. : or you can get in contact with a Loss Mitigation company who might be able to : save your house. Now what you want to happen is to hold off the bank until you can : find renters to rent the home. : Whenever I see people who are in simmilar situation as myself I : always refer them to the company that have helped me get out of my tough : situation. : Try; : L.S.M Consulting Servcies they are a Loss mitigation comapny : their website is www.savingyourhouse.org : I think they might be able to help you [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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