Legal Question in Real Estate Law in California
I own a condo in Texas and am living in California. I owe 69,000 on my first, I owe 9,000 on the second to a different lender, and I owe 4,300 to the condo association. The condos are selling for 71,000 in my building because of roof damage from hurricane Ike. Do you think I should declare bankruptcy or can I just walk away from the condo and have the bank repossess it without any legal ramifications?
1 Answer from Attorneys
Texas law will apply to the foreclosure and personal recourse (if any) aspects of your problem, and while federal law governs bankruptcy per se, whether bankruptcy is appropriate will depend on what a Texas lawyer advises in view of possible personal liability for a deficiency upon foreclosure, and possibly other factors. If you are a California resident, an actual bankruptcy filing would be in a Federal Court near where you live. I'm inclined to think bankruptcy is not going to be warranted here unless you have a lot of other financial woes and little in the way of assets. Please re-ask on LawGuru but specify Texas instead of California as the governing law.
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