Legal Question in Bankruptcy in Missouri
If I had two properties, with mortgages from the same bank and one goes to foreclosure! can the bank call the other loan due
Asked on 6/06/11, 3:09 pm
1 Answer from Attorneys
Anthony Smith
LawSmith
If your loan documents as to either loan grants the bank a lien on any other property you purchase through a loan from them, then they may be able to attach the second property for the debt on the first. If you just pay money, they may be able to apply it to the delinquent loan first, thereby making you delinquent on teh second. You should take all your documents and meet personally with an attorney in your area. Many attorneys offer a free or low copst initial consultation. They can better assess your exposure, after looking at the documents and asking you follow-up questions.
Good luck.
Answered on 6/29/11, 1:59 pm
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