If you walk away from one mortgage -are other properties protected? (insurance, banks) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

ocean2026 · 02-27-2009, 06:05 AM

A couple I know found so much mold in their house its unlivable and insurance excludes mold. They also are having problems paying the mortgage.

If they walk away from this mortgage with Chase - they are worried that Chase will go after another property of theirs that they financed.

How realistic is this?

dad2jules · 02-27-2009, 07:42 AM

A mortgage is secured by the banks interest in a particular property in most cases- there are some blanket mortgages which are secured by interest in multiple properties still out there but I doubt this is the case here. Speaking to a RE attorney would be the best advice. Have them bring all documents from their closing- note, deed of trust, etc.