Open Question: I own investment property. What are my liabilities if the property is foreclosed?

I live in an area where I cannot afford to purchase a decent home or even a condo without really stretching my budget. However, I spend most of my weekends in a resort destination about 3 hours away from my office. There, I could afford a nice cheap property. Ideally, I'd like to have homes in both locations someday anyways. So rather than continue to be only a renter, I was thinking it would make a lot of sense to purchase a place there, and rent a cheap apartment near my work. My lifestyle would allow this (no kids etc), and I make enough money to afford the mortgage and rent (and still qualify for a loan). BUT...I was told by a real estate agent that it is very unlikely that I would GET such a loan, even with the income, credit rating and down payment. She said that lenders don't give first time homebuyers loans except for a primary residence, and a home 3 hours away where I didn't spend at least 51% of my time would never qualify as a primary residence. Is this true?? It seems silly that the bank would endorse the opposite strategy with ease (buy locally and rent remote) but I could never afford it, and yet I could afford it my way and can't get the money. Anyone have any insight? Thanks!

Open Question: My husband and i are buying an apartment, as my greencard is being processed i cannot take out a mortgage, ?

also have little or no credit history, not a lot of money saved either, so the loan is under his name.

Basically 99% of the down payment is from my husband however i will be contributing cash towards the down payment and we'll both be paying over 1/2 our wages towards the monthly mortgage payments.

Im really worried as we recieved the proposed lease today to review and my name appeared nowhere only my husbands name was on this document.

Im new to this we're both young and first time buyers.
What contract should i request my name to be on?
A friend of mine advised me to make sure Im on some form of documentation, which one I dont know?

We both discussed this, my husband said the mortgage lender said i couldnt be on anything because of above senario.

I love my husband dearly, we're both very honest and open with each other, I just dont want to feel like a renter, he's looking into this tomorrow with the lawyer.

Does anyone else have advise, what do one income families do when it comes to legal documents regarding an apartment.
Should I be on the title or a tenant in common, what is what, is there anything else!!
I would really appreciate some clarity, Im so confused.
Pls help, tks in advance.

Vera

Open Question: I own investment property. What are my liabilities if the property is foreclosed?

I know my credit score will be destroyed. What about costs, fees, penalties, fines? Am I still responsible for taxes owed on the property (due in October and December)? Do my 1st and 2nd mortgages disappear? Or will I still have to pay the mortgagors any monies?

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