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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 40120
Experience:  Texas Attorney for 30 years dealing in real estate
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I have two homes with two mortgages. One home was just severely

Customer Question

I have two homes with two mortgages. One home was just severely damaged. If I were to let the damaged home foreclose, would my new home be safe.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.
Hi and welcome to JA. Ray here to help you tonight.Whats state are the two located in here please?
Customer: replied 1 year ago.
Washington state
Expert:  Ray replied 1 year ago.
Thanks for the information. You would want to contact lender to see if they will do a deed in lieu.This is a deed of the property back to lender in return for no deficiency judgment.This would be better than a foreclosure.If you let the property go into foreclosure they can seek a deficiency judgment and can try to then collect it and lien your homestead. So your first step is to ask lender for a deed in lieu on the damaged home and see if they will agree to this.It is the least damaging option here in Washington. I appreciate the chance to help you tonight. Reference to deed in lieu. http://www.nolo.com/legal-encyclopedia/deficiency-judgments-after-foreclosure-washington.html