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Can you own a house that is paid for and have another house go into foreclosure and not loose the one that is paid for?

In: Mortgages [Edit categories]

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Can you purchase another house if your house is not in foreclosure?
mo ney
Sister and you own a house joint tenantship If she dies is the house paid off?
No, the joint tenancy only refers to the deed. You would have to rearrange the loan, perhaps by refinancing it. This is something you both should discuss. One possibility is for you each to buy term...
Do you get a tax break on a house that paid for?
Other than the deductability of property taxes and such, and the tremendous breaks on gains upon sale, you don't get anyspecial dedcutions for owning a property.
Do you need insurance if your house is paid for?
Yes. What if something happens to it?
Is their interest paid on a house lien?
Generally, yes. Liens generally accrue interest for every day the debt remains unpaid.

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