Question:
I got into an ARM, and havebeen approved for a refi that is still above my monthly means. I have not signed for the refi because it will take away my anti-deficiency protection in CA. I cannot effectively budget without needing overtime (and that is not reliable). The home is my primary residence, and my 80/20 mortages are my Purchase Price mortgages. No monies have been taken out, all equity remains. I am thinking of asking for a Short-Sale...if this does not fly, i am unable to make my payments and will be walking away from the home. My question is this: If I am forced to walk away and the home forecloses, can I apply for an appartment and have my name on a lease, or will that take away my Anti-Deficiency protection? I need to know if I can leave before the storm hits, or if I have to wait to greet the Sherriff and the Eviction notice... Thanks for your help.
Answer:
Ok, do this first call 888-995-Help. This is a counseling firm that has been approved by HUD. They can help advise what your best course of action is.
My opinion, get another job to help pay for things for awhile. I would rather you work your butt off to save your home, your credit history, your credit score than just give it all up without a fight. I know how scary and frustrating it is, but you really do need to fight this one. I'm in the same boat, I've been selling real estate for 20 years, and I have to find some kind of work to help me pay my bills. So you are not alone by any means. But I'm determined to keep my home damnit! I've worked hard for it. Please do the same.
The California Anti Deficiency law does not have anything to do with where you live or any leases you might have.
So your name on an apartment lease does not have any meaning for your house.
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