Question: My primary residence is in Arizona, my secondary ( a rental ) is in Florida. I’m stuck in an interest only loan that has me paying on more than what the home is worth. If I should have to go with foreclosure on the 2nd home as a last resort can they take away my primary residence?
Answer: -It depends on what it says in your closing docs. Most lenders only worry about the property on hand and make sure it’s sufficient collateral to support the loan being made. So most people don’t have to worry. I would only worry if a judgment is filed against you after the foreclosure and you have several properties in your name.
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