Foreclosure in Los Angeles>Question Details

Alex, Home Buyer in Los Angeles, CA

My home is currently in foreclosure. Will the bank go after other properties I may have even if they are not?

Asked by Alex, Los Angeles, CA Wed Mar 19, 2008

paid off yet?

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5
Hi Alex. Whether the bank can go after you for a deficiency (i.e., the difference between what was owed and what the bank can sell the house for), depends on the type of loan you have. In CA, the banks can't get a deficiency judgment if the loan is a purchase money loan (i.e., the loan you obtained when you purchased the property). If you refinanced, the bank can get a deficiency judgment, but they have to do a judicial foreclosure instead of a trustee sale. If they go the trustee sale route, they can't get a deficiency judgment. Most lenders prefer the trustee sale approach because it's a lot faster than the judicial foreclosure approach. Another exception to the general rule of no deficiency judgment comes into play when a loan was obtained by fraud.
1 vote Thank Flag Link Fri Mar 21, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Not sure I understand your question entirely. Each property is treated individually as far as the foreclosure process goes. You own other properties that have mortgages I assume. As long as you stay current on your payments there should be no need to worry about those. Suggestion would be to pack up and move into one of your other properties. You are fortunate you have others to turn to - unless you begin to fall behind on those too. If you have decent equity in the other homes you hold you could have borrowed from them to make your primary residence current and avoid foreclosure. I would need more details to advise you further. Good luck.
1 vote Thank Flag Link Wed Mar 19, 2008
sorry to hear the bad news,
you should have sold it in 2006
or 2007 at the latest.
a lot of flippers getting burned.

anyways

good luck
1 vote Thank Flag Link Wed Mar 19, 2008
Hi Alex,
The bank is interested in the property they have invested in. Usually each property is taken individually (unless for some reason, you have taken a loan out on all properties acollectively, at once, and if so, you really should be talking to a real estate lawyer)...but otherwise, they will foreclose only on the property that has gone into default.
Have you considered selling your home prior to that point? We specialize in such cases and would be happy to offer a free no obligation consulation. All you have to do is ask! Check out our website and see how we can help you http://(www.myLARealEstateGroup.com).
Good Luck to you
Lou & Alex
LA Real Estate Group
info@myLARealEstateGroup.com
http://www.MyLARealEstateGroup.com
0 votes Thank Flag Link Fri Mar 21, 2008
Hi, Alex:

I'm so sorry for your trouble...you should call a real estate attorney and ask them. There is a discussion board online (similar to Trulia) for legal questions. Attorneys answer the questions.

Have you tried to sell your home? Tried a short sale?
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Wed Mar 19, 2008
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