All Forum Posts by: Fjcruiser X

I would talk to the Real Estate Attorney in the county you live.

Kolt B...
It seems like you have a good understanding what's going on & why we got into these situations. Hopefully things will get better soon but it does not look that way for the next 2-3 years.
I don't think this Admin knows what to do, but they have to do sometings & we may end up in a deeper hole in a long run.

-As I said I have not make any dicision yet, but will choose what I think is right for me. Yes, my credit rating will be really bad for few years, fortunately only my name on the title.

- Loan modification won't help much in my case because they only able to either xtending 5 more years on the term or lower the interest rates or both.
- Short sale is a joke: almost zero chance?. because the banks have too much inventories....Best Regards.

Thanks Taz..that's correct CA is 99% None-Judicial process of foreclosure.

http://www.foreclosurelaw.org/California_Foreclosure_Law.htm

Calvin. I cannot answer to your questions, but please see this link below to see if you will get anything out of it. It seems like Gorgia's foreclure law is much thougher than CA that's why more people choose Bankruptcies option.
[REMOVED]

Thanks for your input. I just spoke to a real estate atterney in the county where I live, he said that I can walk away without any legal against me by the lender "even I have two other properties" as long as this property is:

1. Your primary home
2. With the original loan

Down side:
-l lost $75k+ when I bougt it
-My credit rates will slip from 750 to 600

Plus side:
- No more ($3400) payment on this house
- More time for me to find new employer.

However, I have not make any decision yet, but will be soon because the company where I work seems to go nowhere with their own financial issues.

I'm new to this great site & would like to ask some questions on my situations here:

Bought this home in March 2007 for $625K as a primary residential.
- Down =$62.5k (my money) + Second =$62.5k (same lender).
- 1st = $500k + 2nd = $62.5k ( total finance= $562.5k)

- Now the value of the house is around = $460k ( means lost $100k+) in two years.

* I will no longer able to pay mortgage on this house because of my job & other financial issues right now.

Should I walk away? short sale? or forclosure?..Thanks in advance for any inputs.