Property Short Sales

[netdvo]

What is the name of your state? Southern California

Hi All,

My question is regarding about my home in FL Orlando.

I am so stupid that I trusted my friend to be on a title for him in FL and now he can't make any more payments to the lenders. So now its going to be a short sales home. However,
I also the owner of my property here in CA and I am wondering after the short sales go through. Are there will be affected on my home here in CA what I mean is lenders will go after me for my home here in CA?

Please advice.

Thank you,

Dustin Vo

 

[FlyingRon]

Being on the title doesn't affect you. I suspect you are also on the mortgage.

What there's going to be is a FORECLOSURE most likely (a short sale is the lender agreeing to take less than what is owed for a pre-foreclosure sale). The foreclosure will most defintiely screw your credit rating.

If the house doesn't sell at foreclosure for enough to satisfy the amount owed, then yes they can pursue a judgment against you for the rest. If they think they can get it, they'll go after whatever assets they can (although your house is probably safe, although it may be encumbered by an additional lien).

 

[HomeGuru]

What is the name of your state? Southern California

Hi All,

My question is regarding about my home in FL Orlando.

I am so stupid that I trusted my friend to be on a title for him in FL and now he can't make any more payments to the lenders. So now its going to be a short sales home. However,
I also the owner of my property here in CA and I am wondering after the short sales go through. Are there will be affected on my home here in CA what I mean is lenders will go after me for my home here in CA?

Please advice.

Thank you,

Dustin Vo

**A: the answer is yes so you had better be involved in dealing directly with the lender.