Mewborn Team Real Estate Consultants: CoastalLuxurySanDiego.com

February 3rd, 2010

You May Still OWE on Your Foreclosed Home, Even Though You Don’t OWN It Anymore

Categories: Carlsbad, Foreclosure Prevention, Market Trends, Sellers

Carlsbad, CA - Are you considering a foreclosure as a way to eliminate that payment? 

In today’s real estate market, more and more people are looking foreclosure out of both necessity and financial strategy.  If you give back your house, they can’t still hold you accountable for the loan, can they? 

Although California is a non-recourse state that typically says no – more and more banks are finding themselves successful in recouping losses from borrowers who refinanced their homes and used the funds for things other than improving the home itself!

In addition to the more severe credit penalties, a debt on a house you don’t even own anymore is really making foreclosures less desirable.  If you can not afford to make the payment on your home, you really may want to talk to a real estate professional about the possibility of a short sale instead.  In a short sale, you actually sign documents with the lender, releasing yourself from the obligation of the loan.  If you have any questions at all about your possibilities of a foreclosure or short sale, please contact The Mewborn Team.  We would be happy to schedule a no obligation marketing consultation.

Tags: Carlsbad Foreclosures, San Diego Foreclosure Prevention

Posted by Mike and Amy Mewborn//