Foreclosure in Salinas>Question Details

Fnelson333, Home Owner in Charlotte, NC

I own 4 homes in 2 different states one of my homes is in forclosure. How will that impact my other properties after the home is forclosed on?

Asked by Fnelson333, Charlotte, NC Sun May 22, 2011

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From the question area, I assume that your pre-foreclosed house is in California. California uses a non-judicial foreclosure. And the lender can't seek deficiency judgement for purchase money loan of owner occupied 1-4 dwelling units. In your case, it's an income property and so it doesn't fall under it. There is a chance that the lender will file for deficiency judgement even after foreclosure.

You should start talking to your bank and seek alternatives such as short sales and deed in lieu. Advice from real estate attorney also helps.
0 votes Thank Flag Link Sun May 22, 2011
The bank that foreclsoes can always go after a judgement in on teh other home sif there is a balance owed after foreclsoure, you should ask your attorney how you can protect your other homes from judgements, liens or attachments. good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun May 22, 2011
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