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04-16-2008, 09:17 PM
| | Junior Member | | Join Date: Apr 2008
Posts: 3
| | | Can the lenders go after our assets when foreclosure?
What is the name of your state? CA
Hi! We have filed bk in 2003 and was discharged. We bought our first home in 2004. Recently, I lost my job. We are struggling to pay our bills, including 1st & 2nd mtgs. We do not have any car payment. If we walk away, would the lenders go after us for our assets? What about after the foreclosure? Will the balance be on our credit report that we have to pay them off in the future? Please advise! Thanks!  |
04-16-2008, 09:37 PM
| | Senior Member | | Join Date: Jan 2003
Posts: 17,307
| | | Did your spouse also lose their job?
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04-16-2008, 10:09 PM
| | Junior Member | | Join Date: Apr 2008
Posts: 3
| | | no, he's still working but not enough money to cover the bills |
04-16-2008, 10:27 PM
| | Senior Member | | Join Date: Jan 2003
Posts: 17,307
| | | Yes, a lender can pursue a deficiency. What efforts have you made to sell and reduce the losses involved? Have you been in touch with then collection department to ask about any programs/options?
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Adoptive parents ARE "real" parents. Sharing genes is not what makes you a "parent"!
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04-16-2008, 10:33 PM
| | Junior Member | | Join Date: Apr 2008
Posts: 3
| | | We owed $320K and the value is only $150K right now. No, I didn't ask yet because I'm not defaulting any payments yet. Just want to know more before letting the home go. |
04-17-2008, 07:58 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 5,006
| | | Your credit will be absolutely and completey ruined by the foreclosure. It's obviously not in tremendous shape to begin with.
Acquisition loans for principal residences in California are non recourse. That means you probably are safe from the first. You don't indicate what the nature of the second was. If it was taken out at the time of the purchase then you may be protected there. If it's part of your continued complete incapacity to manage your affairs and live within your means, then possibly not. |
04-18-2008, 10:12 AM
| | Senior Member | | Join Date: Oct 2005 Location: Ohio (southwest)
Posts: 2,251
| | Quote:
Originally Posted by FlyingRon  continued complete incapacity to manage your affairs and live within your means, then possibly not. | Yes, I too was wondering when the OP will learn to finally live with in their means? People are supposed to learn from their mistakes.
What kind of idiot bank would give someone a loan for a house a year after a bankruptcy? Bankruptcy and foreclosure are not a way of life.
Step up to the plate, scale down your standard of living, buy only used furniture and clothing, give up the latest fashions, gadgets and electronics, look for sales on groceries, sell your cars and live within walking distance of work and groceries for the two years (that would eliminate expensive gas and insurance as well) and put money in a savings account if your current mortage lender does not come after you for the deficiency (I personally think they should. Why should the rest of society have to pay for you choosing to live (repeatedly) beyond your means?) | |
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