Equity Loan Advice

What happens if I break my current home loan after buying a new home? Can they come after the latest update?

I am currently buying a new home and want to keep my current home and rent it, what I fear is that I have not decide not to pay the rent and I'm stuck paying two mortgages, so I can not do I need to know that if for any reason what doe the bank can come take my new home and leave me with nothing?

In the situation you describe, I am a little surprised that your new lender is willing to finance your existing mortgage with the continuum. But if so, congratulations. depending, of course, documents loan, it may be possible that the answer to your question is "no." There are two categories of mortgage loans – the appeal and no recourse. More Mortgages residential no recourse, which means that the lender can not ignore in the mortgaged property in case of failure, can not come after your personal assets. It is clear that the action of a loan is not, they may come after other assets. Also be careful you do not "collateral cons of the Promise" of your loan, which means that a defect in a property allows the bank to come after the other well. So why the new lender probably will care you have another mortgage in the market. Some mortgages require the borrower provide the lender if the property is not used as a primary residence. Make sure your attorney or review existing mortgage before we go any further, and so think twice if you really want to own a home. Besides can not have your rent because tenant credit, there are also vacancies in potential between the leases. You most likely also responsible for repairs and maintenance (be ready for calls in the middle of the night when something is not working), and you could lose a few commitments dealing with social issues and show the house. Good luck.