Legal Question in Real Estate Law in California
I have a home in Ca and a home in Id. I am unemployed and my wife is the sole income we have the home in both states with the same lender. the home in ca is our primary residence for now, but we are trying to do a short sale and move to our home in Id. We have a second on the home in ca, and there is a lien on the home in ca by the second lender. can our home in id be affected by the short sale? if we file bankruptcy can we homestead our home in id and will it be safe?
2 Answers from Attorneys
Welcome to Chapter 13! A nice federal judge has just 1) rewritten your mortgage on the Idaho property, lowering your principal, interest, and monthly payment; and 2) also rewritten your 2nd in California, rewriting the principal down to the point where you are no longer upside down, or very possibly canceling it entirely. Off you go to a California BK attorney with all your mortgage paperwork and all your bills.
I suggest speaking to an Idaho attorney, for advice about the effect of bankruptcy exemptions, including a homestead exemption in Idaho. In bankruptcy, the debtor makes a choice of whether to take the federal exemptions, or the state where the debtor files bankruptcy. If you are moving to Idaho, as part of bankruptcy planning, you need to speak to an attorney in Idaho.
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