Legal Question in Real Estate Law in California

Decisions such as the one you face are tremendously difficult, and most frequently require more information than you can post on this forum. I would strongly encourage you to contact a local real estate attorney to discuss your options. I am in San Clemente and would be happy to consult with you on this matter. I meet with two to three homeowners a week in your exact situation (in many cases though absent any equity in the property). The options aren't great, but there are some things you need to consider as you move forward.

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We hear distressingly often about homeowners who thought they were in the process of getting a restructuring done or awaiting approval of a short sale when, with no more that the statutory warning (if that!) the bank forecloses or takes the next step toward foreclosure. Charitably, I would speculate there are different departments that don't communicate. Less charitably, it may just be the lender's way of saying no.