Foreclosure in 94591>Question Details

Mike, Both Buyer and Seller in California

I purchased a second home to rent out to my daughter a year ago and I live in my primary house which is

Asked by Mike, California Wed Mar 4, 2009

underwater for about 30,000, but I could never sell it to break even, the market is so bad here in California. I lost my job 3 months ago and I am running out of funds to keep paying on my primary I don't know what to do. I have not found a job. Help. What happens if I foreclose on my primary.....this is my last resort

Help the community by answering this question:

Answers

5
Blaison Samuel’s answer
Mike,
It's hard in this situation, the bank will not modify your loan because you don't have a job. The only other option is short sale. Consult with your CPA for any tax implications. You need to list your house with an experienced short sale agent to sell your house, at least you can try to avoid from foreclosure..

Blaison Samuel
Certified Short Sale Specialist
510-366-9405
0 votes Thank Flag Link Wed Mar 4, 2009
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
0 votes Thank Flag Link Thu Aug 15, 2013
Contact your lender make attempts to rework your loan. Amazing they dont want your home.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Mar 4, 2009
If you did lose your primary residence, would you move in to your rental, (with your daughter)? Would you be in the same situation with the rental?

Absolutely, you should try to sell your present home as (previously suggested) a short sale. If you cannot make payments on your mortgage, you will be assigned a Notice of Default. Although it will not absolve you from taxes, perhaps the lender will be cooperative enough to see you through this situation.

The most important factor at this stage is to begin the process; you're on the right track to ask questions and make sound decisions.

The US economy coupled with California's unique situation is certainly not helping the real estate market, but there is light at the end of the tunnel.

Best Wishes
0 votes Thank Flag Link Wed Mar 4, 2009
You need to start evaluating your situation and see what makes sense. If you you let them foreclose it will happen in maxium 120 days from your the start of the foreclosure. This will hurt your credit rating and most likely limit your ablity to purchase another home for 5 years or more, depending on how the underwriting standards get adjusted. If you complete a short sale you may be able to get a new house in as little as 2 years depending how the bank reports the short sale. It is best to get the house on the market and then start making your plans to see what you want to accomplish. If you get a job your options will open up!
0 votes Thank Flag Link Wed Mar 4, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer