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  1. #1
    Join Date
    Mar 2010
    Posts
    1

    Default If Bank Forecloses on Home, Will I Lose Other Lot

    My question involves a foreclosure in the State of: AZ

    I am just under 60, and have worked all my life. My question is can I allow the bank to foreclose on my owner occupied condo, yet still keep a small piece of land I (almost) own for a retirement home later?

    I have a first and second mortgage on the condo. Different lenders. Value of property is about 100K and I owe about 230K with both loans. The 5 year interest only first just adjusted and the payment went up by 400 a month. The second is a line of credit that could adjust anytime, if the prime rate went up. I took that out, about 2 years after the condo purchase to pay off some debts from a divorce.

    I also owe some on the lot I am trying to hold onto, but that is to a private party and I am scrambling to find the money to pay him off before he calls the note and tries to take the lot. His note is coming due any time now, and refinancing traditionally is out of the question, unless I can find an angel investor. I am not behind on any of the payments.

    I guess my real question is can I foreclose on the condo without jepoardizing the lot?

    I appreciate your take on this.

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

    Default Re: If Bank Forecloses on Home, Will I Lose Other Lot

    Any chance of putting some form of legal residence on the lot you own and making it your homestead?

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