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Foreclosure

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thinn880 Joined: 05 Jul 2010 Posts: 1 1.27 Dollars($)	Posted: Mon Jul 05, 2010 3:37 pm    Post subject: Foreclosure Like 0 Dislike 0 I have three houses in CA and one house in Nevada. I lost my job due to medical issues. I can no longer make payments on the house in Nevada. If the bank forecloses on the Nevada house could they go after my assets in Ca. What is a short sell?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Mon Jul 05, 2010 8:58 pm    Post subject: Like 0 Dislike 0 Hi thinn, The lender may file a lien against your properties located in California. However, in order to do so, the lender will have to file a lawsuit in the court of California. It will be your lender's discretion whether or not he would file a lawsuit against you. A short sale can be defined as the sale of real estate in which the sale proceeds fall short of the balance which the borrower owes on the property's loan. After a short sale is complete, the borrower will have to pay off the deficient mortgage dues to the lender. Also, a short sale has a negative affect on the borrower's credit report. Thanks

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