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Our primary residence in Watauga is losing value and we cannot refinance because we owe more than it is worth, but we have investment properties in Watauga (little equity) and Watauga (our first house which has a lot of equity in it). If we foreclose our house now that we live in can they go after our Watauga properties and our first house in Watauga (which is a rental now). Thanks, please I need some input.
No. California prohibits deficiency judgements on purchase-money mortgages. If your mortgage is purchase money (i.e. not a HELOC or some other non-purchase money loan), then the lender gets the home, and nothing more. What a wonderful country, er, state. Expect a big dent in your credit rating. See Cal. Code of Civil Procedure, section 580b.
Let me make one thing clear to you. You are not foreclosing your home. The bank is foreclosing your home. You can only foreclose on a note and deed of trust if someone owes you money. You want to try to avoid foreclosure. Now to answer your question. If they do a non judicial foreclosure and you did not provide any additional collateral other than the home that the bank will foreclose on, your other home will be fine. If they do a non judicial foreclosure, usually unlikely but ...you never know, then the banks could go after you for any deficiency of the amount they are owed. They would sue you for payment.
Possibly they can. California is a non-recourse mortgage state, and this may take you off the hook, but it also may not. Lenders generally don't bother with suits for deficiency amounts UNLESS they find out that you have considerable equity/cash elsewhere which they can tap. Part of your problem may be that you have converted the Watauga property into a rental, which may or may not relieve the bank of the non-recourse rules. Given California's non-recourse rule, you are advised to seek qualified legal counsel to give you a definitive response.
The correct information is as follows: Ist of all, in the State of California where we live, a lender may not use the court to obtain a deficiency judgement which is secured by a purchase money trust deed. If you refinanced they can sue you. If you didn't refinance they cant sue you. The mortgage company is out of luck in collecting from you. If they get a judgement they can place a lien on your other property. They have to go to court to do this.
No, at least not directly(in other words they can not foreclose against your other properties). However, the lender can sue you if they lose money on your foreclosure property. The judgment(called a deficiency judgment) they win is a debt which they will come after you for.
They need a judgment to go after your prop. Think of this; the drop in value as ALWAYS, is temporary. HOLD onto them, by paying even late but pay. In 1-3 yrs, you will be glad you did that. ALL prop increases in value after momentary flucuations.
Yep, if you own it, they can go after it. As long as there is money to be taken, they have the right to take it if you owe them. Sorry!!!