Legal Question in Real Estate Law in California
Foreclosure on Calif. Condo
I am facing a foreclosure on my condo in california and I need to know what I am facing. The condo was purchaed in 2005 and in 2007 I refinanced to get a lower interest rate. But I can no longer afford the payments, i have used up all my savings and 401K trying to make the mortgage and property tax payments. Now I am facing a foreclosure, and I will have to rent out an appartment. What will happen to my 80/20 loan (i had no down payment, but like i said i did refi but didnt take any equity loan out)
4 Answers from Attorneys
Re: Foreclosure on Calif. Condo
The lender may elect to sue you for a deficiency, which is the difference between the amount you owe and the value of the property at the time of foreclosure. As you had no money down, at least you do not face a loss of any down payment; this loan was one of those which should never have been made and which has brought the nation to its current economic crisis.
Re: Foreclosure on Calif. Condo
The lender may elect to sue you for a deficiency, which is the difference between the amount you owe and the value of the property at the time of foreclosure. As you had no money down, at least you do not face a loss of any down payment; this loan was one of those which should never have been made and which has brought the nation to its current economic crisis.
Re: Foreclosure on Calif. Condo
The lender may elect to sue you for a deficiency, which is the difference between the amount you owe and the value of the property at the time of foreclosure. As you had no money down, at least you do not face a loss of any down payment; this loan was one of those which should never have been made and which has brought the nation to its current economic crisis.
Re: Foreclosure on Calif. Condo
You may be sued for a deficiency.
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