In california, if i let my house foreclose and just walk away from it, can they take my salary?

Question

please its really important.

Answer 1

1. Kalif is wotz kalled a "nonrekoers" state.  That meen banker kan NOT su yu tu get munee if yu default.

Answer 2

no and they cant sue you they will give you bad credit

Answer 3

No, but what can happen is they can file a 1099 form to the IRS for the balance of your mortgage, effectively grossing up your income for the year.  Now, before you let that happen, do you know what others options you do have?  

Answer 4

Translating  the above poster, California is a nonrecourse state and the lender can not come after you for a deficiency judgment.  In other words, no they can not take your salary.  The only thing they can recover is the property itself.  The only exception to that would be if some sort of fraud were involved.

Answer 5

In most states, situations where you let a house or car go back, they sell it to highest bidder. Than sue you for the difference in what you owe, and how much they get for it. If they win, they can garnish your wages.