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Forclosure

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kennyq Guest	Posted: Thu Oct 07, 2010 1:46 pm    Post subject: Forclosure Like 0 Dislike 0 Hey everyone, I am a California resident awaiting my foreclosure (90 day) notice from Chase. I owe $360,000 on the 1st and 120,000 on the 2nd. The home is currently worth approx. $380,000. We tried to 'hang on' after my wife was laid off and our small business began failing due to economic downturn, putting us into credit card debt. We are now losing our home, in a great deal of CC debt, and will need to declare bankrupts. I understand I am responsible for the difference between the auction sale price & what I owe. If I hope to include that amount in the bankruptcy, am i correct in that I will need to wait for the home to be auctioned off and the mortgage company to try to collect the difference before filing for bankrupts? Any help would be appreciated! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Thu Oct 07, 2010 8:55 pm    Post subject: Like 0 Dislike 0 Hi kennyq, California is a non-recourse state. The first mortgage lender will not be able to come after you for any deficiency resulting from the sale of the property. However, the second lender has the rights to come after you in order to collect the dues. If you include your second mortgage in your bankruptcy filing, then the lender won't come after you for the balance dues. Thanks
Guest	Posted: Thu Oct 14, 2010 10:31 am    Post subject: Like 0 Dislike 0 thanks jameshogg! I would need to wait for my townhome to be auctioned off after forclosure to declare bankruptcy and have the 2nd included, right? Or can I file now and still include the 2nd based upon the assumption that I'll owe the full amount of the 2nd mortgage? I'm sure i'll need to wait, but I thought it's worth asking.
kennyq Guest	Posted: Thu Oct 14, 2010 10:31 am    Post subject: Thanks Jameshogg Like 0 Dislike 0 thanks jameshogg! I would need to wait for my townhome to be auctioned off after forclosure to declare bankruptcy and have the 2nd included, right? Or can I file now and still include the 2nd based upon the assumption that I'll owe the full amount of the 2nd mortgage? I'm sure i'll need to wait, but I thought it's worth asking.

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