We own three homes, one primary and two rentals. Due to the recession we cannot keep up with them and are putting two on the market in May. These will only sell if it were a short sale or would foreclose. All three properties are mortgaged by the same bank in some fashion. Will we be able to keep a primary as long as the payments are current, or will the bank automatically take all three, even though we can pay on it and it is current?
For information about how the bank would handle this situation, you need to openly communicate your plan to the bank and ask about how they will proceed.
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For information about how the bank would handle this situation, you need to openly communicate your plan to the bank and ask about how they will proceed.
