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P. Simmons
P. Simmons, Attorney
Category: Legal
Satisfied Customers: 34081
Experience:  16 yrs. of trial experience
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can i not pay a mortage on one house without effect on the

Resolved Question:

can i not pay a mortage on one house without effect on the one i actually live in and the bills i am paying
Submitted: 8 years ago.
Category: Legal
Expert:  P. Simmons replied 8 years ago.
Can you tell me

1. What state this is in? Are both homes in the same state

2. Tell me more about the this a second home? A rental? Why would you stop paying the mortgage?
Customer: replied 8 years ago.

1. no

2. i live in ct. the home is empty. i owned this double wide first. tried to sell but got no offers. money is really tight now and without this obligation i could make ends meet better

Expert:  P. Simmons replied 8 years ago.
Sorry, but the property you want to stop paying on is a mobile the other property also a mobile home? Is that your primary residence?
Customer: replied 8 years ago.
no it is a colonial. yes my family live here. i needed to leave tn to care for my mom is this state.
Customer: replied 8 years ago.
the double wide is placed on a acres of land. there are several of this type along the street
Expert:  P. Simmons replied 8 years ago.

If you stop paying the mortgage on the trailer and go into default on that loan, you run the risk of a foreclosure.

Now if there is a foreclosure, your goal would be to avoid a deficiency judgment.

Having said that, its important to understand that TN allows both judicial and non judicial foreclosures.

So, if the lender goes through the entire foreclosure process and obtains a deficiency judgment, they can get a judgment for the difference in the value of the home and the amount of the loan. For that reason, if you can not re-negotiate your contract, I would look at the loan documents to determine what type of foreclosure is available to the lender. If you can not re-finance or negotiate terms, you still have options

You can ask the lender to allow a short sale

More info here:

Or you can ask the lender to allow a deed in lieu

But since you lender has the option to judicially or non-judicially foreclose, they may or may not be interested.

Your goal out the process is to avoid a deficiency this would allow the lender to pursue your other assets to satisfy the judgment.

Best of luck

Please let me know if you have further questions; if so I will do my best to answer them. If not please hit the accept button, its the only way I get paid.
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Customer: replied 8 years ago.
Thank you for your time