Posted on: 05th Jul, 2010 03:37 pm
I have three houses in CA and one house in Nevada. I lost my job due to medical issues. I can no longer make payments on the house in Nevada. If the bank forecloses on the Nevada house could they go after my assets in Ca. What is a short sell?
Hi thinn,
The lender may file a lien against your properties located in California. However, in order to do so, the lender will have to file a lawsuit in the court of California. It will be your lender's discretion whether or not he would file a lawsuit against you.
A short sale can be defined as the sale of real estate in which the sale proceeds fall short of the balance which the borrower owes on the property's loan. After a short sale is complete, the borrower will have to pay off the deficient mortgage dues to the lender. Also, a short sale has a negative affect on the borrower's credit report.
Thanks
The lender may file a lien against your properties located in California. However, in order to do so, the lender will have to file a lawsuit in the court of California. It will be your lender's discretion whether or not he would file a lawsuit against you.
A short sale can be defined as the sale of real estate in which the sale proceeds fall short of the balance which the borrower owes on the property's loan. After a short sale is complete, the borrower will have to pay off the deficient mortgage dues to the lender. Also, a short sale has a negative affect on the borrower's credit report.
Thanks