Foreclosure Investment Property Florida
would a foreclosure affect my other homes?
I own 3 houses. my primary is in California,2nd home in ft lauderdale florida, and investment property in orlando florida. I am current with all of my payments on all properties and have 780 scores. cannot modify investment property because of it not being primary. I owe 300k its worth about 175k. I cant hold on much longer before I default. If i were to let the lender foreclose can it affect my other 2 homes?WHat are my options as far as letting it go?
If you have more than one home with the same mortgagee (lender) then read your mortgages. I have seen mortgage provisions that state if one property is in default the mortgagee can consider both in default. If they’re diffetent mortgagees then it shouldn’t be a prpoblem. Other than foreclosure or short sale, you might look into a deed in lieu of foreclosure. That’s where the mortgagee, to avoid foreclosure costs, agrees to accept a deed to the property and in some cases forgives any deficit balance. Unfortunately most mortgagees won’t talk to you until you are in default. Good luck.
realtor.sailor
