Posted by Colin Bochicchio on May 31, 2011 at 14:22:51:
MikeAn,
I tried to email you information on a dynamic equity share program I am working with an associate on yet your email bounced back…??
All I can say and no legal advice intended is do not walk away there are always alternatives to foreclosure.
I would look if you have a recourse type loan and check your loan agreement to verify that.
Typically, in most states the property as an asset would suffice for the loan default deemed a non-deficiency state. If you have a 2nd or recourse type loan it gets stickier.
Feel free to email me at coltrust07@gmail.com for more information or if I can help.
Can Lenders Sue You for Foreclosure? - Posted by MikeAn.
Posted by MikeAn. on May 31, 2011 at 02:57:09:
Hello,
I live in California and have to walk away from my home mortgage (Deed of Trust).
Is it true that the lender (Chase Bank) can sue you if you have assets like an investment property and money in your bank account?
I just can’t afford to continue paying for this mortgage when it has only 5% equity and the house value is upside down. Thank you for your time.
Bank could sue but… - Posted by John Merchant
Posted by John Merchant on June 01, 2011 at 13:36:05:
Not likely they will.
If they so elected then yes they could and could include a count in its
suit for deficiency.
Usually not normal practice these days as they’ve got too much on
their foreclosure plates, so 95% or more are foreclosed by CCC’s non-
judicial procedures.
CA is one of my Trustee Foreclosure Co’s favorite states in which to
do foreclosing since it has so few restrictions on a foreclosure
trustee.
This lets us compete very effectively in the CA Foreclosure market
and we find that we can beat local CA trustees’ prices considerably.