CA Forclosure


Posted by Kish on March 23, 2008 at 23:12:17:

Hello,
I am planning on stopping payments for my Primary home from next month. I have a propertytax bill as well that is due early next month. Should I be paying the Property Tax to protect myself or Can I just ignore it?
I have 1st loan with INGDirect and I dont have a second loan. This is refinanced mortgage. I am upside down on the price. Bought it 2 years ago and the price is 180K less than I owe to bank (Purchase price). I was talking to a real estate forclosure attorney and she told me that CA is a "No deficiency' state. And, since I dont have 2nd, the lender can not go after my assets or future income and I am protected. Can you please confirm this point? I am not sure of lender would let me do a short sale as the difference is over 180K. Should I stop payments before even bringing this with the lender and talk to them about short sale once they contact me?
Thanks for your help..


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