we do not want our home value has dropped 100k in 1 year, who will buy? we walk backwards. Help?
When we bought the house 2 years ago, (So. Cal), the houses were rather rare (in our area). Now we’ve lost over 100 km in the value we are so backward, they can not afford payments, there are so many houses for sale, how do we compare to our sale. we have a second mortgage, title company does not appear correctly taxes to sign the documents, now 18 months later, they realized our escrow account is 9k in which all our payments raised dramatically, we at the end of our Witts. I have read other questions and seek answers, but all have different problems, all we want is to walk so if the sale of execution short mortgage, bankruptcy, facing away, I do not know where to go first. Can anyone give honest feedback, sell land banks at all what may sue for the rest? just curious how much they can draw? Thanks
In California, you probably will not be subject to judicial foreclosure, but rather a non-judicial confiscation. In a non-judicial foreclosure, the lender has no recourse against you to recover the balance of your mortgage after the sale of the property. However, lenders in California do not tend to issue a Form 1099 for the amount of the deficiency after foreclosure, it asked requesting the amount of disability as an ordinary income tax common year. If you have $ 100K upside down, prepare your increased income tax of that amount or more.
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