MY PRIMARY HOME IS IN FLORIDA WHICH IS NOW WORTH MUCH LESS THAN WHAT IS OWED ON THE MORTGAGE. I TRIED TO SELL IT THRU A REALTOR FOR 6 MTHS, NO LUCK THERE. LISTING IS EXPIRED. THE INSURANCE, TAXES, AND MORTGAGE PAYMENTS ARE DUE…TAXES AND INSURANCE ARE NOT INCLUDED IN THE MORTGAGE PAYMENT…I MAY HAVE TO GIVE UP THE HOUSE BY MIDDLE OF NEXT YEAR…
I OWN A SECOND HOME, NOT PRIMARY RESIDENCE IN N. CAROLINA WHICH IS MUCH MORE REASONABLE WITH PAYMENTS, ETC. I HAD TO MOVE TO NC FOR EMPLOYMENT REASONS, SO THIS NOW MY RESIDENCE.
DOES ANYONE KNOW IF I FORECLOSE ON THE FLORIDA HOME, AND LET IT GO, CAN THEY TAKE MY HOME AWAY FROM ME, IN NC, OR WHAT THE OUTCOME WILL BE…ANY HELP WOULD BE APPRECIATED WITH THIS…
In return for the loan(s) on the Florida home you signed a mortgage(s) which gives the lender the right to foreclose on the Florida property should you default on said loan. Unless you have some cross collateralized mortgage arrangement (read your documents) that encumbers both the Florida and NC properties then your NC home is safe from foreclosure by your FL morgage lender.