Legal Question in Real Estate Law in California

Short Sale / Foreclosure

I am active duty military and am being transferred. The current value of my home is significantly less than my mortgage. I refinanced the home in 2005 and have a small home equity loan as well. I am currently in the final phases of short sale process with the lender. If this doesn't go through, the home will probably go into foreclosure. I would not be able to make my payments even if I rented ( I would still have to pay approx $1000 out of my own pocket). If my home goes into foreclosure, can they seize my other assets? Is bankruptcy the only way to protect myself?


Asked on 7/10/08, 12:31 pm

2 Answers from Attorneys
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Re: Short Sale / Foreclosure

I would have to look at your assets and debts. Contact me directly.

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Answered on 7/10/08, 1:05 pm
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: Short Sale / Foreclosure

Your status as active-duty military probably gives you special rights against foreclosures. Perhaps your CO or someone in your unit can give you advice.

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Answered on 7/10/08, 1:19 pm


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