Foreclosure

[Kaya]

What is the name of your state? CA

Hello,

I am an owner of two properties, one in CA and another in MA. I am unable to pay for the property in CA. My question is - when the CA property will go to a foreclosure will the banks (I have two loans, the property was purchased with NO MONEY DOWN) go after my property in MA? Will they have any right at all to take that property away from me?

Another question that I have - is it possible to declare bankruptcy while one owns a property?

Also, if I sign my property in MA over to a relative (as a gift) would the banks in CA be able to go after that property?
Thank you in advance.

[seniorjudge]

Originally Posted by Kaya

What is the name of your state? CA

Hello,

I am an owner of two properties, one in CA and another in MA. I am unable to pay for the property in CA. My question is - when the CA property will go to a foreclosure will the banks (I have two loans, the property was purchased with NO MONEY DOWN) go after my property in MA? Will they have any right at all to take that property away from me?

Another question that I have - is it possible to declare bankruptcy while one owns a property?

Also, if I sign my property in MA over to a relative (as a gift) would the banks in CA be able to go after that property?
Thank you in advance.

Q: My question is - when the CA property will go to a foreclosure will the banks (I have two loans, the property was purchased with NO MONEY DOWN) go after my property in MA?

A: It's possible.


Q: Will they have any right at all to take that property away from me?

A: Certainly. It's an asset you own and they can go after it.


Q: Another question that I have - is it possible to declare bankruptcy while one owns a property?

A: I've never heard of anyone who owned nothing declaring bankruptcy.


Q: Also, if I sign my property in MA over to a relative (as a gift) would the banks in CA be able to go after that property?

A: This is fraud.