Foreclosure in CA. What are the ramifications? - Posted by SoCal

Posted by Brian (UT) on October 02, 2005 at 11:57:27:

Don’t think foreclosure, think dumping the tenant. You failed to let us know is the tenant on a lease, if so how long left, have you given a 24 hour notice that your going to inspect the property? Start gathering info you may need in case of a court action.

You say SoCal but where? I don’t know of any soft markets in that area so selling or lease-optioning to a good tenant-buyer still looks good.

Look in the yellow pages for a good evication service and talk to them. I would recommend selling to an investor but I don’t like to see anyone sell anything that would provide income in their golden years.


Foreclosure in CA. What are the ramifications? - Posted by SoCal

Posted by SoCal on October 01, 2005 at 15:01:20:

Hi All,
I really need some info here on a situation I am currently facing.

My spouse and I currently own 2 homes in SoCal. One we live in, the other we rented out. Unfortunately our tenant has turned into a nightmare renter. I won’t go into details, but even tho we are current now, I have a bad feeling that we will lose this house because of him.

What I need to know is what happens when you lose a home to foreclosure in CA? We don’t want to lose our primary residence because of this unfortunate situation. Are we going to be taxed or made to pay the balance on the deficiency between the sale and the loan? Can they attach any assets? The house was appraised at the beginning of the year at $270K The loan on it is $228K. I really do not think that we could sell it at that price due to the current comps here. Besides…I have a feeling that the tenant is treashing the house so only God knows what we will be facing if he ever gets out. So much for our good credit too… sigh

Please, anybody that can tell me what we will be up against if we let this house be foreclosed on… I need to start planning for the outcome. Thank you