Can the bank take my primary home if my second home is in foreclosure?

I have a reverse mortgage on my primary home in Los Angeles, CA and a vacation home in Big Bear city, CA. I have been delinquent on payments for my second home in Big Bear for several months now and the foreclosure process has now begun on my home. Can I loose my Primary home because of this?

Your primary home is safe. You still could save your vacation home with a loan modification

With a loan modification, it's possible that your:

* interest rate may be decreased

* interest rate can be changed from an adjustable to a fixed rate

* time the borrower has to pay the loan back can be lengthened

* loan principal may be decreased

* late fees may be waived

* second mortgage could be waived or wiped off of the books

You can connect with a foreclosure prevention counselor here:

http://51w.us/loanmodification

It depends on the type of of debt this was classified as. Most first mortgages on primary residences are called non-recourse debts. This is where the entity foreclosing does not have the right to seek recourse of the loss due to foreclosure by going after other assets or wage garnishment. However, most second mortgages and HELOCs are not non-recourse debts. You would have to check your loan docs for the mortgage on the vacation home to see if it is a non-recourse debt. If not, then yes, they can come after your primary residence (make you sell it or put a lien on it) to make up for the money they're losing with the foreclosure.

No. The bank can only take the house that is in default and only the house that they hold the mortgage note for. Short and sweet. There is, however, ways to avoid foreclosure all together. go to ohioshortsalebuyers.com. It's a blog site with a lot of info to read. It says Ohio in the title but the info is good for all 50 states