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  1. #1
    Join Date
    Jan 2008
    Posts
    2

    Default Liability In Foreclosure With Two Houses

    I have two homes in Louisiana. One is designated as my primary residence. The primary is being foreclosed on because the lender is being very aggressive. The other home we have worked out a repayment plan. The primary has a first and second. I want to let the primary go and move to the second house. If I do this, will I have any liability for the first home? The primary has little equity, but the second has 50% equity almost. We feel it would be better financially to let the primary go and concentrate our finances on one house rather than continuing a stretched budget. The Primary wants a large payment now, and 250% payments for 7 months. We can't afford that. The second wants 200% payments on the same house.
    So the question is of liability. My credit is already trashed so that is of no consequence.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Liability In Foreclosure With Two Houses

    Louisiana permits deficiency judgments, so the first lender could try to get a judgment against you for any losses suffered as a result of foreclosure. That may not be a huge issue if you in fact have equity (but if that's the case, why didn't you simply sell the home). I would suggest consulting a bankruptcy lawyer.

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