Forclosure
I have a house with a note of 476,000 and a mortgage pymt of 4100 a month I cant afford this any longer what happens if I let it forclose? Im current with the mortgage, not sure how much longer, had it on market for 520,000 this past fall no bites, I know I loose money and place to live at this point renting sounds better, afraid of defincancy judgement, can they attach my pay check what happens?
Thanks for any help
[ Edited by Yebs on Date 01/20/2006 ]
Thanks Jim ,
Credit is pretty well messed up now anyway, I know walking away doesnt sound smart but Not sure how much longer I can make these payments...
I can only comment about California law and when they foreclose and sell your property they will not attach your paycheck....
Understand that just because you have credit issues now, having a foreclosure on your credit record is not a positive sign for either future lenders or current landlords therefore you will want to avoid that at all costs.
I see 4 immediate options available to you but need more information about your cash reserves, whether there are judgments against you and what the rental market is for your area...
I would be glad to help…
[addsig]