Secure Foreclosure
I currently have a invest property that will go into foreclosure. Can the bank take my primary residence?
I am concerned. I am in the first stages of this situation and i called the bank the other day telling them i could no longer afford the payment. I would like to work out an afforable payment plan with them but i have my primary residence which has a quite a bit of equity and also another investment property which also has equity in it. i am concerned that they will want to secure the payment plan by possibly placing a lien or something on one of the properties and if i can not afford the pymnt in the future my biggest concern is them taking my own primary residence. also when i got the loan i think they are under the impression that the house that is going into foreclosure is my primary residence.
i live in southern ca
I am not a real estate lawyer and I suggest you consult one for legal advice. I am also not a CPA and I suggest you contact one for the adverse effects of your particular situation.
That said, I help people who are in foreclosure in Southern California. And to the best of my knowledge and expertise,
No, they cannot touch your other properties or get a deficiency judgment against you. The worst thing they can do is to 1099 you for any loss.
If you would like to short sale your property to avoid foreclosure, please let me know and I can help you.
Regards
EDIT:
Brian G is incorrect. In California, we are a trust deed state and the loans on real property are secured by the trust deed only. If the lender loses money, then they will most likely issue a 1099 to the IRS against the borrower. If we had judicial foreclosures, then that statement would be correct.
Alachua, Fl Real Estate Foreclosure, 10835 NW 61st Terr. Turkey Creek
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