Legal Question in Real Estate Law in California
Foreclosure
Do you have to file for bankruptcy when you go into foreclosure? We have an original first and second purchase loan on our condo and will probably have to walk away since our lender isn't working with us. Can we just go into foreclosure without filing for bankruptcy?
Asked on 5/07/09, 6:58 pm
1 Answer from Attorneys
Deborah Barron
Barron Law Corporation
Re: Foreclosure
No, you do not have to file bankruptcy. In fact you can offer to deed the property back instead of foreclosure so you don't have a foreclosure on your credit record, although they still may show it as a late paid or not paid as agreed. If it goes through the foreclosure process you might get to stay in the property longer.
Answered on 5/07/09, 7:08 pm
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