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Ratings. Guidance. The Right Lawyer.
I live in WA and have an investment property also in WA. If the property goes into foreclosure, is my home at risk?
Everett, WA
Viewed 29 times.
Posted 29 days ago in Foreclosure
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We also have our primary residence in WA and have only lived in it for 1.5 years. The investment property (condo) was our primary residence for 2.5 years before we moved into our house. We have 2 cars that we own outright, each have a 401k and small balances in bank accounts. Besides the condo itself, what else might we lose?
Also, what tax implications would a foreclosure have for us. We bought the condo for $127,450 in Nov 2005. We refinanced (FHA loan) and took out equity in Jan 2008, so we now owe $165,000. The County Assessor has our property worth $165,000 for 2009 and $139,000 for 2010. A unit similar to ours in the complex sold a few months ago for $155,000. Answers (1)
Shawn B Alexander
This attorney is licensed in Washington.
Posted 29 days ago.
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The foreclosure will focus on selling the secured property to cover the debt. Therefore, the other assets are immaterial unless there is a deficency judgement and the bank holding the judgment takes aggresive action. Then the liquid assets are the most attractive to a collector, the bank accounts and wages are the best targets. If your primary house end may up to be the subjected to a lein however it would be second behind your primary mortgage. Your retirement funds would not be at risk, well at least from a foreclosure or bankruptcy.
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