Marie, Home Seller in Riverside County, CA

I own a rental home in Riverside County California that I refinanced last year. It is now upside down by

Asked by Marie, Riverside County, CA Thu Jan 15, 2009

about $25K. If I can't keep it rented I will have to walk away from it since I am also unemployed. I also own another home outright, also in Riverside area. If the rental home forecloses can the bank take my home that is paid for away from me?

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Marie,
Sorry to hear about your situation. The bank will not take your primary residence away from you if you can not afford the rental. If you know that you are not going to be financially capable of keeping it, then you should at least try a short sale. A short sale is where you attempt to sell it at the market price that you can get for it today, while proving that you are financially incapable of keeping the home. You are asking the bank to take whatever you can sell it for and forgive you for the rest of the debt. If you have any other questions feel free to call me direct.
0 votes Thank Flag Link Sat Jan 17, 2009
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