Posted on: 09th Mar, 2009 03:06 pm
I live in California and I refi'd the loan for my condo a year ago. I would like to buy a house and walk away from my condo, which is below market value. Since the condo is secured as collateral, will the lender only be able to sell the property and pay the loan? Or will the lender go after my new house? Basically, will the lender sue me for the unpaid balance?
Let me ask you something.....
What are you going to use for a down payment on your new home? If you have cash, you should use it to cover the difference between what you owe and what you sell the condo for.
What are you going to use for a down payment on your new home? If you have cash, you should use it to cover the difference between what you owe and what you sell the condo for.
Yes, I will be using cash for the down payment on the new home. I do not want to put anymore money into the condo since I am upside down on the mortgage.
