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Own two homes, one might get a foreclosure, what can happen?

I wonder … We are about to take a loan FHA at a much better interest rate and have our current home for sale, without a sign in front, at least we can rent it until it is sold one day. We believe the rent from here, will save us from foreclosure until it is sold, rather than just walk away and pay nothing in it at all. My question is, if we can not maintaining rented and end up not being able to avoid foreclosure, can make your new home or garish wages, if a foreclosure happens? NH Brenda I should mention that we are acting quickly to buy a somewhat lower because the current FHA loan we have on the house is above 11% and we can not do payments which were adjustable. We want something else before they are homeless! I can not refinance the loan with FHA in my current house, or I can get a fair deal in rates on a regular conventional loan. I have to sell your current home!

Although, I'm not sure about the specifics on the right NH, but the response to your question in general terms, yes. If you go into foreclosure and are left with a deficiency balance, then your other assets and income are at risk. Edit: This is usually a sentence against him for being the difference between what you owe the lender and what they can sell. If selling rapidly a retail purchaser is not an option, and you have a place already – check more with one of the larger investment companies in your area that advertise "we buy houses "fast. You may be able to develop a plan with an investor that will lessen the financial burden and maintenance can not get out of the mortgage now. Some of these some companies offer cash up front in exchange for a land contract on your property or an option to purchase. This can be a way to at least maintain or update the mortgage. Best of luck.

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