Legal Question in Real Estate Law in California

Foreclosure

O.k. I am in my 3 month of not paying my morgage. I have talked to my lender about this and they have yet to offer me any options what so ever. So, this is where I am at. I am either going to continue with foreclosure or try to do a short sale. If I do a short sale will this save my credit? If not should I even bother. And what are the tax ramifications in all of this? I bought my home for 398,000 in 2005, and now it is worth barely 200,000. No one will refinance me because I owe more on the property than it is worth. So what are my options and what are the consequences of my decisions? If I short sale what are the consequences and if I foreclose what are the consequences??


Asked on 4/14/08, 1:30 pm

1 Answer from Attorneys
Mitchell Roth MW Roth, Professional Law Corporation

Re: Foreclosure

Your options are not good. If you allow the foreclosure, you may well have taxable income. Also if accomplish a short sale. Very difficult to do as it requires the cooperation of the lender. If you call me I can refer you to a client that may be able to afford you some other options.

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Answered on 4/16/08, 2:00 am


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