Thanks dee_dub. By other assets I meant the house we live in, a cd savings account and my husband is partners in a business, we have no other properties. I will follow your advise and contact a local lawyer. Thanks again.
Does anyone know what legal steps, if any, we can take to protect our primary residence and savings, if we do a short sale on a second house? Can a revocable Living Trust help? Any advice would be greatly appreciated.
Thanks for your response above, just a quick question:
If we can sell the second house on a short sale, will that afect the house we live in, or any other savings we have?
to Dee_Dub: Thanks for the clarification. Do you know what legal steps, if any, we can take to protect our home, before anything happens to the second house? We are hoping that we can sell the house and pay the debt, but no good news on that so far.
My jurisdiction is: Long Island New York
We own two properties. One is our primary residence. The other is being rented. We are loosing our tenant and cannot afford the mortgage payments. I also recently lost my job.
We have been struggling for over a year now to make the payments. We...