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Old 08-24-2008, 12:10 AM
cob cob started this thread
 
22 posts, read 47,132 times
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maybe someone can help me
here it is I have 2 homes one is worth 150 thousand less than what I purchase the other home is worth about 10 thousand less than what is worth. i would like to keep the home that I owe les on . my question is can i just let the other home go and keep the otherone and what are the consiquenses.
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Old 08-24-2008, 12:32 AM
 
Location: Los Angeles Area
3,306 posts, read 1,484,505 times
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At least where I am if the loan on the house you are going to default on is non-resource then the only things they can do is take the house back and give you bad credit.

But you should you get some legal advice from an expert (I am not) before you do anything. Laws do vary from state to state. You can try looking at:

You Walk Away - Foreclosure Protection Plan and Kit, Foreclosure Assistance, Credit Repair, Stop Foreclosure, Avoid Foreclosure, Prevention
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Old 08-24-2008, 01:23 AM
cob cob started this thread
 
22 posts, read 47,132 times
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thanks for the reply
I live in california the bay area so if anyone knows of some one around the bay area california, that has helped them and has gotten good results please let me know. I just cant hold on to the extra home.
thanks again.
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Old 08-24-2008, 01:03 PM
 
Location: Las Vegas, Centennial Hills
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CA is non-recourse state.
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Old 08-24-2008, 02:37 PM
 
Location: Fort Myers, FL
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which house do you live in?
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Old 08-24-2008, 02:41 PM
cob cob started this thread
 
22 posts, read 47,132 times
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Quote:
Originally Posted by Daddys///M3 View Post
CA is non-recourse state.
so does that mean if I just walk away THE ONLY THING the bank can do is tke back the home and not detach my wages or take my car. or is it just best to claim bankruptcy. and start fresh
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Old 08-25-2008, 01:04 AM
 
Location: Las Vegas, Centennial Hills
2,013 posts, read 4,623,658 times
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Quote:
Originally Posted by cob View Post
so does that mean if I just walk away THE ONLY THING the bank can do is tke back the home and not detach my wages or take my car. or is it just best to claim bankruptcy. and start fresh
That is my understanding. No deficency judgement, no garnishment of wages, no lien against the other house, etc. However, I don't do business in CA so you should definitely consult someone with some local RE law experience.
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Old 08-25-2008, 07:56 PM
 
Location: Plano, Texas
1,672 posts, read 4,485,656 times
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Before you walk away from one of the homes, contact the lender and ask them to help. You might try to do a short sale, which is selling the home for less then you owe and the lender forgiving the balance. This still hurts your credit but walking away will also hurt your credit. I feel you owe it to the lender to try to help them sell the house and prevent a foreclosurs. Definitely consult a realtor in your area the specializes in short sales. It's the right thing to do and that gets forgotten a lot.
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Old 08-25-2008, 11:44 PM
cob cob started this thread
 
22 posts, read 47,132 times
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thanks for all the info
but I live in the one that is only 10 thousand negetive. and I would like to stay in that home
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