Downey Foreclosure
How do I file a foreclosure?
I live in CA and I cannot afford to make payments anymore. I just called my bank (Downey Savings) and they said that I can’t just give the house to the bank, I need to short sale it. What is a short sale? And if I do the short sale, do I have to pay the extra amount from my own pocket if the sale is lower than the balance amount of the mortgage?
I am really tensed because of this. We have already bought another house (already moved and what not), so the older house that needs to be foreclosed is currently empty.
The older house is in my name and the new house is in my husband’s name.
You don’t file a foreclosure, the lender does.
A short sale is when the lender will accept a lower amount for the property than what you owe. The lender will have to approve the short sale.
Ask a Realtor that has experience in short sales to assist you. This is not the time to even think of FSBO.
You don’t have to pay out of pocket, but the lender may put a lien on your new residence.
avoid foreclosure we buy houses in Downey California
