Posted on: 31st May, 2008 04:00 pm
In short here is our situation. We own three homes, one rented and fine, one we currently live in with too high a mortgage in CA, one we want to move to in Oregon. We cannot afford all as we are living on our retirement funds right now and they need to last a long time. Our CA home has been for sale for 60 days with no offers, most people are buying foreclosures etc. We are current on all payments. It is sadly obvious that this CA home will not sell in the current market and we cannot possibly continue to make payments. Do we just walk? Negotiate with the lender (we are trying with no success so far). Can they attach our assets (retirement?) if we walk?
Welcome Laura.
Walking away will not solve the problem. Try to negotiate with the lender ASAP. If you cannot sell the house now then try out other plans like forbearance or some other repayment plans so that you can get back on track and can make payments as usual.
Walking away will not solve the problem. Try to negotiate with the lender ASAP. If you cannot sell the house now then try out other plans like forbearance or some other repayment plans so that you can get back on track and can make payments as usual.
Will it rent? The rental market in CA is very strong?
Brian
Brian
