Foreclosure in CA
Posted by NeedHelpASAP on October 29, 2007 at 08:25:04:
We have 2 homes right now....the one we live in is under both mine and my wife's name (title+loan).
We bought a rental property 2 1/2 years ago (what we thought a good price then..sigh)on a 2 year fixed rate. Our payments went high 6 months ago and now it has started draining our funds. I recently sold my BMW and bought a used Camry to hold on to the rental property. The other bad thing is we had to legally evacuate the tenants 2 months ago as they stopped paying the rent 3 months ago and when they left the property, they damaged it as well. I just spend another $2k on it to get it fixed but zero income from that property and a high payment since 3 months ago is taking a HEAVY toll on our lives.
Thank God I have a 30 yr fixed loan on our main house but if this keeps up, I may get behind payments on both homes.
At this point, giving up on the rental property is the ONLY option that I can see. I talked to the bank (for the rental place) and they were unwilling to cooperate in reducing or re-terming the loan again.
So here are my questions if I do a foreclosure on the second property, which is under my wifes name (loan).
1) Will the bank come after my personal assets (since my wife is the co-borrower on the remaining house)
2) Apart from my wife taking a hefty credit score hit, what are the other things that we can possibly lose?
3) Would a short sale be better than doing a foreclosure?
4) How long will the foreclosure be in her credit?
Thanks for reading and for any assistance u guys can offer. The last 3 months have been nothing but stressful (emotionally and financially) and my 2 toddlers cant comprehend why "mama and papa are so sad"!
Sam
Follow Ups:
- Re: Foreclosure in CA - OC Andy 09:11:05 10/31/07
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