Foreclosure of a 2nd home. PLEASE ASSIST.?
I have a home in CA which is my primary residence. I purchased a 2nd home on an “Interest Only” loan in Las Vegas, NV. I plan on giving up the house up in Vegas. I know my credit will be screwed. I’m married and the house is in my name only. My primary house is not a collateral. How will it affect my financial portfolio ? Do I need to close my bank accounts, take my name of a joint account so the lender can’t recoup ? Can the lender of the 2nd house leach on to any assets that are in my name ? Any info that you may share is greatly appreciated.