I live in AZ. Can my lender put a lien/forclose on my primary residence if they forclose a second property?
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I live in AZ. Can my lender put a lien/forclose on my primary residence if they forclose a second property?
Asked on July 3, 2009 under Real Estate Law, Arizona
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I am a lawyer in CT and practice in this area of the law. The lender can put a lien on any real estate that is in your name to satisfy the balance of what ever loan payment exists. The contrct that you signed obligated you to repay the loan. If you have 2 properties (which is what i understand from your question) I suggest that you keep the second residence in another name (i.e. our spouse or a limited liability company). This way creditors cannot use other real estate cannot reach beyond the property thay they secured with the loan.
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I am a lawyer in CT and practice in this area of the law. The lender can put a lien on any real estate that is in your name to satisfy the balance of what ever loan payment exists. The contrct that you signed obligated you to repay the loan. If you have 2 properties (which is what i understand from your question) I suggest that you keep the second residence in another name (i.e. our spouse or a limited liability company). This way creditors cannot use other real estate cannot reach beyond the property thay they secured with the loan.
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