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I have 3 houses, one is going to go into foreclosure, ...

Sent to Legal Experts January 4 2008 at 7:49 PM
   

I have 3 houses, one is going to go into foreclosure, if the mortgage company comes after my other property? how can I protect them?The house going into foreclosure is in Sacramento Ca. the mortgage is $500,000 the selling price now is $400,000 if it goes into foreclosure will the mortgage company come after me? I have a rental in San Diego with about $200,000 equity and I live in Las Vegas in another house with about $100,000 in equity, I refinanced the Sacramento house to get the down payment for the house in Las Vegas then prices dropped.

Customer (name blocked for privacy)
Status:  Closed   Value: $30
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January 4 2008 at 9:49 PM (1 hour and 59 minutes and 16 seconds later)
         
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Hi,

After foreclosure in CA, you will be sued for a deficiency since the auction will bring in less than the amount owed.(plus attorneys fees, costs of auction, etc.). There will be a CA judgment that can be enforeced against all CA property owned by you. All the bank has to do is file the judgment in San Diego County and it can force a sale of the SD property as long as you own it alone. If there is joint ownership...the result may be different depending on tenants in common or joint with survivorship.

Then there can be post judgment proceedings including your giving testimony and/or answering questions about assets against which the judgment can be enforced. Your Las Vegas property will be uncovered. Then the bank can send the CA judgment to a NV lawyer who can use a simple procedure to have it made into a NV judgment and filed. It will be a lien against the NV property and can be enforced against it.

Wish I had better news.

Rich Licata



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January 5 2008 at 5:33 AM (7 hours and 44 minutes and 5 seconds later)
         
What can I do to protect my other houses from
a judgement against me?
Customer (name blocked for privacy)
Answer
January 5 2008 at 5:36 AM (3 minutes and 21 seconds later)
         
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rvlaw -- Lawyer (JD) -- 99% Positive Feedback on 4091 Legal Accepts
NYC Trial Atty. 30 yrs.- pers. inj., contracts, real estate, criminal, estates, matrimonial.
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