Re: CA 2nd home forclosure

Posted by Eric on January 31, 2008 at 12:12:51:

In Reply to: CA 2nd home forclosure posted by sade on January 30, 2008 at 13:22:26:

You are upside down on the property.
The good news is the banks are so far behind that the foreclosure process could take 12 months from your last payment. In that time I would continue to rent the property and sock the money away. You're going to get a poor cedit rating from all of it and your credit card interest is going to go up over 20 % so if you have any credit card debt pay it off. If you think you may have to file bankruptcy, then stop paying all bills.
You'll need the cash to pay your bankruptcy attorney.

Giving the property back to the bank isn't going to save you anything either.

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