Legal Question in Bankruptcy in Utah

forclosure possibility

I own two homes. One is free and clear, the other has a high mortgage. If the bank forcloses on the mortgage of the mortgaged property can it attach anything to the free and clear property if it forecloses.


Asked on 10/16/07, 1:24 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: forclosure possibility

After foreclosure the mortgage company will sue you for the difference of what is owed and the amount the house sold for, plus attorney fees etc. They will get a judgment, then will attach your current house and force a sale if you do not pay. If you cannot make payments on the 2nd house, contact the mortgage holders and see if they will allow you to sell the house for less than is owed, and transfer the balance to your current home. That would probably be a whole lot cheaper, and would not destroy your credit.

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Answered on 10/16/07, 4:11 pm


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