What's the impact of TWO foreclosures? (CA)

Posted by Koln on February 22, 2008 at 22:00:35:

Due to a drastic reduction in income, we plan to foreclose on our rental prop AND our home we live in, both in So. Cal.

We are already few months late on payments on our rental property. We still have renters in it.

We're about to stop paying on our residence, expecting foreclosure to be complete by summer (takes 4 mo. in CA, right?).

******Please tell me what is the worst that can happen as a result of TWO foreclosures. What is the impact to our credit? To our ability to get a credit card? To buy another home down the road? Will anyone come after us later? Do we need a lawyer?***********

I am so frustrated that I can't find answers to any of these questions. I keep hearing, "Consult an attorney." Uh, I wouldn't even know where to find one, and I don't have the money to pay one, either.

Thanks.

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