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Two Homes with Negative Equity, One was Refinanced?

3

A foreclosure in the State of: Georgia

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I have 2 homes. One is my primary residence, never been refinanced and has equity. The second home has been refinanced and has massive negative equity, with 2 mortgages. First loan is $ 163K, second is $ 87K. This home is worth $ 190 and I owe $ 250. There is not enough equity in primary home to cover neg. equity.

Should I foreclose or short-sell?

If I foreclose, can the bank come after my primary home? What is my best option here.. I cannot afford the second home.

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