I don't know how much longer I can keep paying my other house. It is a rental and I have not collected rent for the past 12 months and have tried selling it twice with no success. If stop paying it and it sells for less than the mortgage will they put the balance on my current house and make me pay it back. My expenses right now are higher than my income and no bank wants to help me because I am not behind in payments.|||Unless BOTH mortgages are with the same company AND you signed something specifically allowing deficiencies on the rental to be added to your home mortgage, it will not happen that way. If you had signed such a document, you would have known about it.
The CAN sue you for any deficiency in most states. That means you will still owe the difference plus the cost of foreclosing. You should contact a GOOD Realtor and attempt to negotiate a 'short sale'. That basically means you convince the bank to accept what the house sells for and eat the loss.|||They cannot modify the mortgage on your current house, however, a judgement could be filed against you and the court order the difference be paid.
Call the bank that holds the mortgage on the rental and ask their advice. There are several new and complicated programs out there that could help you - the bank would know. The last thing they really want is a house back, they really prefer to work things out and be able to collect the loan.|||very sad
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