If you are looking for a California short sale specialist you will want to read this important article.

I speak to a lot of homeowners every day and many own several properties that are upside down. You may own properties in California or you may have purchased properties in Florida, or both.

The questions I get most often are as follows, and you can click on any of these to read a full article:

• Can lenders come after you later for their financial losses in California?
• What can you do to protect your credit in a California short sale?
• Should you stop making your mortgage payments?
• What if you just walk away from your mortgage, is that an option for California homeowners?
• What are the tax consequences of short sales and cancellation of debt income in California?
• What about deed in lieu of foreclosure in California?
• How do you deal with short sales if there are two lenders?
• How do you make sure the lenders say "yes" to a short sale?
• How do you sell the property in the first place when buyers are scarce to say the least?

There are two different foreclosure processes in California. Judicial foreclosure involves going to court. Non-judicial foreclosure is by far the most common and what you need to know is this: the lenders who foreclose non-judicially, through a California trustee sale, cannot come after you for their financial losses or get a deficiency judgment.

However, if you have two loans, the second lender may not foreclose. Instead they may come after you later for their losses in a breach of contract complaint in court.

Same thing with foreclosure in other states for California homeowners. They can come after you in many states for their financial losses so it is best to do a short sale and try to get them to release you from future liability.

 

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