Legal Question in Real Estate Law in Texas

Foreclosure on second home

I live in houston and had a purchased a second home in las vegas that has now gone into foreclosure. I have a 1st and 2nd mortgage. Originally bought the condo for 235k but has depreciated to 120k. Am I responsible for the difference what are my options? Can this affect my current home in houston? I also got a call from a faslo sollutions llc to forgive my second mortgage of 46k and they will settle for $4,600. Is this to good to be true?


Asked on 5/21/09, 3:42 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Foreclosure on second home

It is too good to be true. They will take your money and let the property foreclose. Listen to what Obama has to say about these "foreclosure specialists." Your only negotiation on your loans should be through the lender and not a 3rd party. Your home in Houston is protected by Texas homestead laws if the lenders seek a deficiency judgment.

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Answered on 5/22/09, 7:55 am


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