Foreclosure in Visalia>Question Details

Izzie, Both Buyer and Seller in Phoenix, AZ

Can a rental property be considered a primary residence for foreclosure purposes if lived in 2 out of last 5 years?

Asked by Izzie, Phoenix, AZ Tue May 25, 2010

I'm trying to avoid possibility of a deficiency judgment on a piece of property in California that originally was our primary residence. It has been rented for the past two years. I understand that lenders are stricter in trying to collect deficiency judgment on a rental property than a primary residence.

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3
Hi Izzie,
The main question is, Are you living there now?
is it your primary residence now? That's how it is looked at by lenders.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate License # 01312992
1 vote Thank Flag Link Thu May 27, 2010
If you have concerns regarding any deficiency judjements, your best source of information and advice is an attorney who specializes in real estate--protect yourself and any other assets you may have.
0 votes Thank Flag Link Tue May 25, 2010
Hi Izzie,

For the purpose of selling the home you could sell the home and because the home was a primary residence for 2 out of the last 5 years you would qualify for the $250,000 single or $500,000 double tax exemption. However, I would recommend that you speak with a licensed Real Estate Attorney regarding deficiency judgement. Good luck!

Matt
0 votes Thank Flag Link Tue May 25, 2010
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