I live in Florida and own 2 properties, one of which I reside at, the other in which my daughter resides.
She pays the mortgage on that house and has recently informed me of her decision to move.
What affect will it have on the house I am living in if I am unable to pay both mortgages and the other house goes into foreclosue ?
Answer
It should not have an affect on the separate house ASSUMING the mortgages are not linked or tied together. Have an attorney review your paperwork to be sure.
Answer
The may obtain a deficiency judgment against you. Your home may be exempt of Homestead Property.
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