Feb
07
Open Question: WILL THE BANK GO AFTER MY SECOND HOUSE WHICH WE ARE BUYING RIGHT NOWIF I FORECLOSE OR SHORTSALE MY FIRST HOUS?
Bywe live in central california,our house which is deep down under water,we have 220k on first mortgage and18k on line of credit with another credit union,the house is valued@ 90k, We are buying another property twice the size and 1/2 the payment of current, we would like to know, will these banks gonna come after 2nd property when we foreclose or short sale,whats the best option,because we cant afford to see our savings dry out,if we had to choose between savings and credit,we have come to a conclusion to go with savings for future and let the credit go down the drain, so pls give us some advise, God bless america”