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can a bank take other homes i own if they forclose on my

Sent to Legal Experts August 17, 2007 8:19 p.m.

I own a home in bradenton that me and my family live in now.my job is shutting down so i tried to sell it but can;t due to the neighborhood and what i owe on it. i bought three other propertys in ocala so when i retire i can live in one and rent the other two . two has an mortgage and one doesn't. Now i have my oldest one and her daughter in the one that has no mortgage and my son and his wife in one and guesse i'll take the other.I have to let my family move up there because of the neighborhood on the girls and my son needed a place with him and his wife and kids. So if i can't pay for my home in bradenton can they take any of my other homes.

Optional Information:
bradenton, Florida

Already Tried:
i had a lady who was going to short sell for me with hardship due to the job and crime in the neighborhood but she was unable to go on due that the r:e: company i'm listed with wouldn't let me out of our contract.

Customer (name blocked for privacy)

Status: Closed Value: $30

Answer
August 17, 2007 9:47 p.m. (1 hour and 27 minutes later)

ACCEPTED

Yes, they can. Anything that you have that is of value they can put a lien against to collect what is owed to them. What happens is that when the home in question goes into foreclosure, the bank or mortgage company will auction the home off for whatever they can (which is a LOT lower than what it is worth). The remaining balance of the mortgage not covered by the sell of the home will be the amount that you owe and you will be ordered by the court to pay that amount or the court can grant the mortgage company a judgment to garnish wages or put a lien against other property in your name. It is best to work out an arrangement with the mortgage company as they want their money, not the house. For more on Florida foreclosure laws go HERE, HERE, and HERE. Go HERE for further help.

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