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Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 34501
Experience:  30 years of real estate practice experience.
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I own a home in 2 states. The first one is in Illinois. The

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i own a home in 2 states. The first one is in Illinois. The second is in Texas. I was renting out the house in in Illinois and now my renters are leaving the house. The legal question I have is other than effecting my credit score, can the 1st mortgage(ill) hold a lien on the second property(TX) if I simply just walk away from the 1st property? There is no equity or line of credit that was used in purchasing the second home from the first home in Ill. The 2 properties should not be tied together other than I own both and currently pay mortgages on both. Doing a short-sale on the first property doest make sense either sense there is no and i mean no money left in the market where it sits at. The smart business decision would be to just stop paying and walk away. I am current on all bills that I have and have never made a late payment either.(not sure if that matters or not) Thanks

Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

I appreciate your patience as I review your question. I will post my response shortly.

This is general information and no attorney client relationship is established.

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Texas law is very heavily weighted in favor of a debtor. So, if the TX property is your primary residence then no lien is possible by the lender in the IL mortgage if they have a deficiency judgment. Your TX homestead is protected from such creditor claims under TX law.

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Customer: replied 2 months ago.
to toss a bigger wrench into that. If I understand what you are saying is that the IL mortgage can't hurt my TX mortgage? Also I literally just purchased the home in texas and haven't officially homestead the house yet. I can't homestead until January. So before I officially walk away from the home in illinois I should definitely make sure I have the property homestead?