Foreclosure in 90022>Question Details

Ric Torres, Home Buyer in

person has 2 properties, about to lose their investment, is their primary residence in jeapordy?

Asked by Ric Torres, Fri Nov 23, 2007

will they go after the primary residence?

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The primary would be in jeopardy if the loan payment is behind on that property especially. Now, if the other goes into foreclosure you would definitely want to consult with a bankrupcy attorney ASAP.
1 vote Thank Flag Link Fri Nov 23, 2007
I see from your zip code that you are in Los Angeles. Most loans in California are non-recourse - which means the only security the lender has on the their loan dollars is the property itself. If your investment property is in California and has a non-recourse loan then your principal residence may be ok. I highly suggest you speak to your lender and an attorney to see what the real situation is. Before losing your investment property - request from the lender a restructuring of the loan. Many lenders are now being cooperative with this workout. Best of luck.
0 votes Thank Flag Link Fri Nov 23, 2007
Mario Pinedo,…, Real Estate Pro in Beverly Hills, CA
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