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California Foreclosure |
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Telling what happen when my house forecloses. I don't want to keep it, can't afford it, not worth the money I owe on it. What happens if I lose it? Do I have to pay anything or does it just affect my credit and how much does it affect it? |
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A foreclosure on your credit record is as bad as a bankruptcy, if you ever want to place a mortgage again in the future. The record will remain for ten years. In some cases, the lender can still go after you for unpaid debt and expenses of foreclosure, but California has a special rule about that. They can't get a "deficiency judgment" if the house is your main residence and if the mortgage was just to buy the house. If it's a further equity loan, you might have some later problems. |
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Edith
Originally published on January 28, 2008 |
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