Legal Question in Family Law in California
My wife and are a preparing to file for divorce. We have a mortgage in both of our names and the amount owed is higher than the value of the property. Neither of us can afford to keep the house separately. The lender has been relatively unhelpful to date and we would have no reason to believe they will give us any leniency. For context we both have full time jobs and could afford to live separately from each other if there were no mortgage. Our only other debt is a debt consolidation bill in both of our names. There is no other quasi-community or separate property involved. We have two kids and are both willing to work together on the divorce. Neither one of us is trying to claim any of the others property nor are there any disputes. What are our best options and what would the effects of each be?
1 Answer from Attorneys
You may or may not be able to walk away from your home without owing a deficiency. I would need to talk to you to get more information to determine if you will owe a deficiency on your home or not.
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