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A few years ago we sold our California home to our daughter and husband. We recently purchased a home in Tennessee. After purchasing the TN home our son-in-law lost his well paying construction job. The kids are no longer able to afford the California home. We rented the CA home for less than the monthly mortgage (best we could do) and split making up the difference. The kids cannot continue to make up the difference and we cannot pay the full ($720) deficit.
What are our options? The CA home has a first and second. Like everywhere else, the home is drastically upside down. We are very concerned about the effects this is going to have on our TN home.

Guest

I should mention we are current with our payments. Attempts to have the mortgage modified have been unsuccessful because it is not our primary and we are not in default.

jerry · Posted: Tue Jul 13, 2010 1:59 am Post subject:

Hi DJNTN,

If all of you want to get rid of the property, then the best option to go for would be the deed in lieu of foreclosure. The lender will sell off the property at an auction in order to recover the dues. However, none of you would be liable for paying off the deficient amount resulting from the sale. But, the lender generally accepts this request when you are 2-3 months late on your mortgage dues. It should also be noted here that your credit score would be reduced by 250 points.

Thanks,

Jerry

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