Legal Question in Real Estate Law in Kentucky

I own three houses.

1st house I rent and owe 90,000 on. It is valued at 115,000

2nd home I live in. I owe 130,000 on it and it is valued at 145,000

3rd home I rent and owe 30,000. It is valued at 60,000

My question is that I am having a hard time making all of my payments since I had to take a new job and cut in pay. I want to keep the third house at all cost. If I let the first house go back to the bank how will that effect the other houses/loans?


Asked on 8/03/11, 1:25 pm

2 Answer from Attorneys
Andrea Welker Welker Law Office

I have no idea, I haven't seen your mortgages. But you have equity in the first house. Why not sell it, even at a loss, to protect your credit? If you have renters, maybe they'd be interested in buying it from you.

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Answered on 8/04/11, 5:50 pm


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