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Posted by RSI on May 24, 2007 at 14:34:52:
In Reply to: what are my options-cannot keep making mortgage payments posted by LeeZ on May 24, 2007 at 13:46:18:
Since there is no deficiency judgement in CA, you will not be affected. Although, tax implications might arise related to (income) gains.
Maximum risk based on information provided: Severe credit damage.
Which area in CA?
Have you considered listing the property for rent until such time as the area market picks up?
You might, also consider speaking with the bank about short sale possibilities or DIL consideration.
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