Legal Question in Real Estate Law in California

I have 3 properties in CA (Primary and 2 investments) all with purchase money and no second mortgages. I can not keep up with payments and need to short sale or foreclose. My concern is getting a loan in the future, say 2 years from now. My research seems to indicate that the "hold time" with FNMA and FHA is less with a short sale vs a foreclosure, so I am leaning in this direction. However, I can't find any information on having multiple short sales on my record. Will my ability to get a loan be viewed differently with 3 short sales vs one?


Asked on 4/07/10, 10:34 pm

2 Answers from Attorneys
Madan Ahluwalia Ahluwalia Law P C

Probably not. Your record is shot as such.

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Answered on 4/12/10, 10:54 pm
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

You should be able to file for Chapter 13, or possibly Chapter 11 depending on your total debt, and you should have no problem having the court "cram down" the loans on at least two of the properties, reducing the principal and interest to something much more affordable (your primary residence is ineligible for this relief). You should still be able to get loans in the future. Sit down with a lawyer and bring your balance sheet. Call me if interested.

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Answered on 4/12/10, 10:55 pm


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