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 would happily sell the house and pay off the debt but in this market conditions it is not possible.
If the second house goes into foreclosure, will that affect our primary residence? We can affort to keep the home we are living in, but not the second house.
What other options do we have? As of today, we are not late on payments, but since we are loosing the tenant, we don't even know if we can make next month's mortgage.
Any answer would be appreciated. Thanks.
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 would happily sell the house and pay off the debt but in this market conditions it is not possible.
If the second house goes into foreclosure, will that affect our primary residence? We can affort to keep the home we are living in, but not the second house.
What other options do we have? As of today, we are not late on payments, but since we are loosing the tenant, we don't even know if we can make next month's mortgage.
Any answer would be appreciated. Thanks.