Foreclosure in Skokie>Question Details

Buying101, Home Buyer in Fremont, CA

we are moving to CA where we have purchased a new residence. If we do a short sale on home here in IL, can lender come after CA (principal residence)?

Asked by Buying101, Fremont, CA Wed Aug 10, 2011

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4
You should consult an attorney. That type of situation can be a very complicated, and it would not be smart to make a decision based on the advise of a Realtor
1 vote Thank Flag Link Wed Aug 10, 2011
If you move to CA and have it as your personal residence then your home here would be considered an investment. You would be given a 1098 on the difference. It is better to keep your personal residence here and CA becomes your investment property. I would be glad to discuss
0 votes Thank Flag Link Sat Apr 14, 2012
Best confer all your questions to an attorney

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Aug 10, 2011
It may be a better idea to rent out your home in IL for a few years until you can sell it to pay off your mortgage. You can find a rental agency to manage it for you.
0 votes Thank Flag Link Wed Aug 10, 2011
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