Upcoming Foreclosures

I have a foreclosure in CA. Will it affect my other properties? Or will the lender put lien on my other prop?

My sister lives in SD, CA and she used my name to purchase a home there. It's been two years since we bought it and the house still has NO equity due to bad market. The two-year prepay penalty was over and she can't keep up the payment anymore because the mortgage payment have increased. We were unable to refinance it because of no equity. It has two mortgages and the 1st lender already reported on my credit a 'foreclosure". 2nd lender not reported it yet..pretty soon too I guess. I also have two properties for myself. One is for my primary residence and the other one is a rental property. I would like to know if the foreclosure will affect my other properties such as 2 house, cars, and 401k? Will the lender put lien on any of this? My realtor tried to short sale it. We had two offers but the 2nd lender refused it. I received a letter that it will be on bidding last Feb 20. As of now, I still don't receive any papers from them saying that they are taking back the property. We purchased it for $535,000 and the offer we got was $420,000 and $445,000. In case the bank sold it for less than what I owed, will i be responsible for the difference?

Public Comments

1. I specialize in foreclosures in California. No, your other properties and assets will not be touched or affected. Your credit is just ruined and you can be 1099ed for the loss that the bank took. Regards
2. I would spend some time trying to find any other way you can to avoid foreclosure. If you need more foreclosure help try visiting http://foreclosure-help-now.com
3. Wow, the short sale didn't work? I am located in CA as well. Please e-mail me and I'll see what I can do to help. You really do not want to get into foreclosure.