I want to walk away from my house on ca. what is the best thing to do?

Question

i have a home in az. My wife lives in the ca house I am have tried to sell it but i am losing 55000 at the price that i had it at and i cant afford to go much lower. I want to pay my debt so i want to do what is right.? i need help on how to get rid ofthis problem. The house i want to gte rid of is in ca. What will the bank do to me. I havea first and a second on it. I need some good advice please help thanks jim

Answer 1

Did you use your real name on the paperwork for the house? This is a common mistake many people make. If you had the foresight to use a bogus name, then just walk away.

Answer 2

If you're walking away from it, it'll go into foreclosure,  You're credit will be shot, might be worth it to think about filing bankruptcy.  If it sells in foreclosure for more than the value of the loan, you should receive the $.  If it doesn't you're responsible for paying that.  Not sure in CA how far the banks actually go to collect that, garnish wages, lien on AZ house.  That's where the bankruptcy would come in and you would include that in it.  I'd talk to an attorney either bankruptcy or real estate and see what could happen and what your options are.  You could talk to the bank, but they aren't going to care about you.  Good luck.

Answer 3

Hit me up, I can assist you on this situation. I have loss mitigation experience and I work for a Lender. Please send me an email and I will talk to you about this concern.

Thanks,

Jon

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