I own 2 homes, if one goes into foreclosure can I lose the other?

Asked about 4 years ago - Jacksonville, FL

I'm at risk of losing my newest home...if it goes into foreclosure can the lender go after my other home or my 401K?

Attorney answers (2)

  1. Stephen Andrew Mosca

    Pro

    Contributor Level 17

    Answered . You really do not provide enough information. Do you have equity in the second, older home? Which home is your primary home? What is owed and what is realistic current value of older home?

    What is certain is that if your newer home goes into foreclosure and you do not mount a defense, then it is possible that a result may be a deficiency judgment for any balance between what the bank sells you home for and what was owed. That deficiency judgment can then impact other assets you may own.

    You may have defenses against a foreclosure that should not be ignored. You should speak to a foreclosure defense attorney about possible defenses just in case and about ways to protect assets in the event the worst occurs.

    Feel free to call my office for a free consultation. (904) 421-6901

  2. Margery Ellen Golant

    Pro

    Contributor Level 20

    Answered . I agree with Attorney Mosca. Deficiency judgments are extremely dangerous in Florida, and once the mortgage company gets one, it can then pursue all your non-exempt assets. If the other house is your homestead, that is likely exempt, but if not, it is in a potentially dangerous position. 401ks are normally exempt, but checking accounts, vehicles, jewelry, guns, are not. Additionally, wages in Florida can be subject to garnishment in collection of judgments.

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