Bakersfield Foreclosure
I’m curious the affects foreclosure has.?
I currently reside in Bakersfield, Ca. I’m thinking of letting my home foreclose but want to make sure I’m making the right decision. My credit has always been pretty bad (its already below 600) so I don’t know how much worse it can get. Although I have a good job, in these times I just cant seem to afford the 1450 a month mortgage payment. If I try and sell my house, I could come up even or maybe even be a few grand short of what I owed. At least with foreclosure it gets me time to save up and be back on my feet and save up for renting a new place when the foreclosure goes through. I just would like some opinions on what would be the best suggestion…Although im currently NOT behind in my mortgage (I havent paid aprils yet) It is going to be pretty much impossible for me to do this month. Also, I was wondering how going into a foreclosure affects your taxes the following year. Do we have to pay out of pocket expenses?
You are in California which is a non recourse state, so the above answer about the bank billing you for the shortfall and whatever repairs that need to be done is incorrect.
You may get a 1099 for the shortfall and have to report that as income on your taxes, but as far as owing the bank..nope, you lucked out being in CA.
Your credit is already low and will eventually end up probably around the mid 300s after this, but you can make a come back in about 7 years.
BAKERSFIELD Foreclosures, HUD Owned Home for Sale – 10902 SNOWCREEK FALLS AVE, 93312
