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A relative of mine owned several properties (7 to be precise). She lives in San Diego county. Last I heard, she is living on borrowed money. She would probably want to refinance mortgages, take additional cash loans in the near future, etc. Should a foreclosure hit (in her case, it's 7 times likely), how will it affect her options, as far as finance and other properties are concerned? I know that credit will be damaged, and it may affect the mortgages on her other properties (if she wants to refinance). What else?
Can someone explain in layman's terms what it means to waive the below.
"A general release does not extend to claims which the creditor does not know or suspect. in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor." - CA Civil Code Section 1542
Last edited by phoenix_talons; 05-23-2008 at 11:27 AM..
In california you can walk away and not deal with the repurcussions of a defiency judgement. Meaning the lender cannot sue you and try to recoup their loss since California is a non-recouse loan state. That's why "walking away" and "jingle mail" are so very popular in that state.