Friday, July 16, 2010

I have a home & rental in AZ. The rental is being foreclosed on. Can the bank come after my primary home?

My renters bailed on me a few months ago %26amp; I haven't been able to find new tenants %26amp; at this point the lender is beginning foreclosure proceedings. Can a lender in the state of AZ come after my primary residence (Im completely up-to-date on my payments on my primary).I have a home %26amp; rental in AZ. The rental is being foreclosed on. Can the bank come after my primary home?
The bank cannot force a foreclosure on your primary residence but they might sue you for the shortfall between the mortgage and what they end up selling the house for. Please note that as this is not your primary residence, if the bank does not sue you for the balance, they will send you a 1099 and you will owe taxes on the balance.I have a home %26amp; rental in AZ. The rental is being foreclosed on. Can the bank come after my primary home?
The bank cannot force a foreclosure on your primary residence but they might sue you for the shortfall between the mortgage and what they end up selling the house for!!! if they try get a lawyer
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