Foreclosure On Investment Property California
Foreclosure On Investment Property California
How to make an intelligent end no amount of the deficiency in the process as per the laws of California?
My wife lost her income, and we can not make the mortgage payments. I have 2 loans on my property. (1 = 460,000 loan and Loan 2 = 60K). Loan 1 is a purchase loan and loan 2 loan is refinanced. Current property value is 320,000. I have been advised by a friend that if I make loan payments in second place, prevent access to my house, and can not come after me for the amount of the deficiency, and California law to stop the first loan to go after me for the amount of the deficiency. Is it true? Would it be the same for an investment property where I have a first loan of 280,000 and 60,000 HELOC. The value of the property at present is 215,000 my lawyer friend told him. Should I take his words in which, or how could validate this information. Any site web? Any other blog? Help would be much appreciated thanks
I would not trust your friend. If you stop making payments on any loan, or tax lein they can foreclose. I would talk to a lawyer before making a decision as risky.
California Foreclosure & Investment Real Estate, PGA Golf Course Property, Investor Deals
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