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second property calif

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bmum08@yahoo.com Guest	Posted: Sat Dec 11, 2010 10:10 am    Post subject: second property calif Like 0 Dislike 0 Hi, I have left my california condo oweing $98,000. It can not be sold for that at this time. It has a value of about $75,000. I am renting it for 1000.mo. I have second on it for $240mo. I bought a new home as my primary residence and would like to know as I am taking a loss each month of $240. should I keep it until I can refinance it for positive cash flow, or sell it short sale and get out of it. How will California tax laws effect me as far as what I will be liable for. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10542 Location: ALASKA 1086.66 Dollars($)	Posted: Sun Dec 12, 2010 10:10 pm    Post subject: Like 0 Dislike 0 Welcome bmum, You can sell off the condo in order to get rid of the property rather than losing money over that property. You can contact the lender and apply for a short sale. As per California laws, you won't be liable for paying the deficient balance resulting from the primary mortgage. However, you will be liable for paying off the second mortgage in full. _________________ Procrastination is the enemy of your financial success

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