Legal Question in Real Estate Law in California
What would the consequences be if we were to foreclose on our home? Of course, we know a foreclosure will remain on our credit report for years, but can they also come after us and possibly garnish wages, etc...?
The situation is this... we do not want to remain in our home, not because we can't make the mortgage payment, but because the house is too small, it needs a lot of work and money put into it (which wouldn't be worth it anyway, because we currently owe about $150,000 more than the market value), and we can rent a much better home for the same monthly payment.
Our plan is to rent a home for about the same (it may be even $200-$300 more per month) as soon as possible. We will attempt to short sell our house, but if we can't, we might be forced into foreclosure.
We're also currently filing for bankrupcty.
Any advice would be greatly appreciated,
2 Answers from Attorneys
I answered a version of this question a couple hours ago, but didn't see the bankruptcy mentioned. A benkruptcy may affect your ability to find a good rental.
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