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shaymac · Joined: 12 Jul 2010 Posts: 2 1.58 Dollars($)

I have a primary single family home in CA that is about $100,000 under water. I have a Mobile home on 1 acre in NC that I own outright, plus I have 10 acres in NC that I have a mtg. on. I want to get out of my primary home in CA. and move permanently to NC. I really don't want to walk away from it because I have a pretty good FICA (around 750), but I am stuck in CA until I get rid of the house there. If I do either short sell or walk away (foreclosure) what would be my consequence? Can the banks take away my Mobile Home and land in NC? Will I own taxes?

jerry · Posted: Tue Jul 13, 2010 2:37 am Post subject:

Hi shaymac,

In California, the lender will not be able to come after you for the deficient balance that results from the property sale. Thus, it would be a better option to go for a short sale rather than a foreclosure. A short sale will reduce your credit score by 80-100 points whereas a foreclosure will reduce your score by 250 points. As you want to save your credit, it's better to go for a short sale. As far as I can understand, the lender won't come after your mobile home and land in NC.

Thanks,

Jerry

shaymac · Joined: 12 Jul 2010 Posts: 2 1.58 Dollars($)

Thank you Jerry, I forgot to include one very important thing in my post. I also have a second mtg. on the CA home. If I short sell with the first mtg. which would be about 50,000 less than I owe them. Would I still owe the 2nd mtg. company the $47,000 that is still owed to them, since the sale would not be enough to pay them off. Can the 2nd mtg. come after me for the debt? The 2nd mortgage is held by a credit union, also the 2nd mtg. is in both my name and my fiancé's name, whereas the first mtg. is only in my name, if that makes a difference.

smithsussane · Posted: Thu Jul 15, 2010 12:01 am Post subject:

Hi shaymac,

The second mortgage lender, i.e., the credit union will be able to come after you in order to recover his dues from you. This mortgage balance will not be forgiven by the second lender. If you're unable to pay off the dues, then the lender will charge off the balance dues to a collection agency who'll in turn harass you for the payment.

Feel free to ask if you've further queries.

Sussane

Guest

If you want to avoid foreclosure (email me) and we will short sale it for you. We have funds to purchase it directly from the lender, so you can move on and purchase or rent your next home. If you short sale it, your credit will take a small hit, but only for a few months. Your credit will go up after a few months of on time payments and paying down high balances. The only reason to worry about credit is if you plan to purchase something high in price, and will still get the loan but will have to have a bigger down payment and pay some high interest for a few months until you refi when your credit goes back up. I have seen that most people who tend to their credit will keep high scores all the time. Good luck and again we can help you or anyone avoid foreclosure, move on with your life and not have to stress out about it.
Gabriel
webuyforeclosures911 ... com Idea

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