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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Deficiency question. Posted by Texas To Indy on February 23, 2004 at 5:45 PM I currently own homes in Texas and Indiana. We have separate mortgages on both, but the same lender services both liens. I live in the Indiana house and currently lease the Tx house. The renters in the TX house will move out at the end of May and we will not be able to make the payments. I have a couple of questions: 1. Deficiency judments in TX are limited to the difference between the FMV and the loan amount. The house appraises for $350k for the tax man and my loan balance is $280k on 1st and 2nd. Will FMV really be FMV? 2. Can the lender foreclose on my house in Indiana even though it was not used to secure the loan on the TX house (remember, it's the same lender) and I have ~$30k in equity in this house. 3. I have heard that the lenders will sell the deficiency judgements to other people for cents on the dollar and these other people will come after you for the deficiency. Is this true? Thanks in advance for your advice. Follow Ups: No right of offset across state lines.. Ward-CA- 10:47 PM, 02/23/04 (4) Re: No right of offset across state lines.. Texas To Indy 6:05 AM, 02/24/04 (3) No worries... Ward-CA- 1:39 PM, 02/24/04 (2) Deed in lieu. Texas to Indy 6:18 AM, 02/25/04 (1) Worth a shot... Ward-CA- 8:12 AM, 02/25/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I currently own homes in Texas and Indiana. We have separate mortgages on both, but the same lender services both liens. I live in the Indiana house and currently lease the Tx house. The renters in the TX house will move out at the end of May and we will not be able to make the payments. I have a couple of questions: : 1. Deficiency judments in TX are limited to the difference between the FMV and the loan amount. The house appraises for $350k for the tax man and my loan balance is $280k on 1st and 2nd. Will FMV really be FMV? : 2. Can the lender foreclose on my house in Indiana even though it was not used to secure the loan on the TX house (remember, it's the same lender) and I have ~$30k in equity in this house. : 3. I have heard that the lenders will sell the deficiency judgements to other people for cents on the dollar and these other people will come after you for the deficiency. Is this true? : Thanks in advance for your advice. Optional Link URL: Link Title: Optional Image URL: [ 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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