Legal Question in Real Estate Law in California
Forclosure Rental Property
I could not afford to make payment on my rental property. The property used to be my primary residence until I moved into a another house in 2005. The loan was refinanced in 2005 to take some cash out. If this property goes into forclosure, can the bank come after my other assets such as my current primary home, my wages, my bank account, etc. Please advise, Thank you so much
4 Answers from Attorneys
Re: Forclosure Rental Property
Well, since it was a cash-out refi of a property that wasn't your intended primary residence at the time, you're pretty much out of defenses to a deficiency judgment, but the lender will still have to foreclose in court rather than by trustee sale. This is expensive and takes longer, so many lenders will forego the possibility of a deficiency judgment and take the easy route. You are more vulnerable if the deficiency is large, and if the lender is aware that you have a lot of other assets.
Re: Forclosure Rental Property
If you have a second, then, yes. If you only have a first, it depends.
Re: Forclosure Rental Property
If you have a second, then, yes. If you only have a first, it depends.
Re: Forclosure Rental Property
Not if the bank forecloses by Trustee's sale. If the bank forecloses through a judicial foreclosure, then yes.
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