Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

In the state of California what are the implications of a foreclosure.

Customer Question
The home I am currently...
In the state of California what are the implications of a foreclosure. The home I am currently in is almost 30% less in value then the loan amount. Loan-$865,000 Value of home-$589,000. There is no reasonable sense to continue to pay a substantial monthly payment for a home that will never see this value. I have been unsuccessful to get the bank to come to the table to discuss an adjustment. This might be my fault because I continue to keep the loan current. If I walk away can or will the bank pursue me?

Ron
Submitted: 8 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 2 minutes by:
6/27/2010
Real Estate Lawyer: legaleagle, Lawyer replied 8 years ago
legaleagle
legaleagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 13,441
Experience: Practicing Attorney for 10 years
Verified
If you walk away the lender can not sue you for a deficiency but they could send you a 1099 for the amount of the loan you are forgiven. So you may have to pay taxes on any amount that is not paid after the house is auctioned.
Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask legaleagle Your Own Question
legaleagle
legaleagle
legaleagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 13,441
13,441 Satisfied Customers
Experience: Practicing Attorney for 10 years

legaleagle is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
My home was included in a bankruptcy 3 years ago. We are still
My home was included in a bankruptcy 3 years ago. We are still in the home and our payments are current. In 5 years there was supposed to be a balloon payment due from a modification. We owe $613,000 … read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,462 satisfied customers
My husband dies almost 4 years ago, I used his life insurance
My husband dies almost 4 years ago, I used his life insurance money to fix and upgrade our home. For the past 3 years, I have had several realtors to help me sell my home with no sucess. I refinanced … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Hello, My house is worth $140K (market) of which I currently
Hello, My house is worth $140K (market) of which I currently owe $65K on my home loan. I'm having dificulties continuing to pay my monthly payments. What will happen if I stop the payments? If it goes… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
I live in AZ and bought a house in 07. The loan is a Jumbo
I live in AZ and bought a house in '07. The loan is a Jumbo loan and an Interest Only loan at 6.2% adjustable at 1% per year and will adjust in August '12. We've had the value of the home drop by almo… read more
Alex Esquire
Alex Esquire
Managing Attorney
Doctoral Degree
153 satisfied customers
We have a rental home in Az that we are upside down on (as
We have a rental home in Az that we are upside down on (as are most people). While we can afford to keep it the rent we can get does not cover the cost of the loan. Do we have any options to short sel… read more
Legalease
Legalease
Attorney At Law
Doctor of Law w/ highest honors
15,719 satisfied customers
I currently own my home that has lost over 50% of its value
I currently own my home that has lost over 50% of its value since I bought in 2007. I can afford the payments now, but the loan will soon adjust to a monthly payment I can not afford, and due to the l… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,946 satisfied customers
I live in California. I took care of my second trust deed
I live in California. I took care of my second trust deed already by negotiating it down with the lender. Now I'm only indebted for my 1st TD. I am deficient 30 payments and believe that the bank will… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
We purchased an investment property -- Single family residence
We purchased an investment property -- Single family residence in Texas in 2006. We financed this 100% with a 1st and a 2nd mortgage. The loans are interest only. The loans carry a balance of $162k (1… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I am currently residing in California however i while living
I am currently residing in California however i while living in Virginia between 2006 and 2008 i purchased a condo that have rented out to a tenant (since leaving virginia when it stopped being my pri… read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
Have we any reasonable option but to just cut our losses, walk
Have we any reasonable option but to just cut our losses, walk away and let the house be foreclosed? Please comment on my logic below & tell me anything I'm missing or have not got right and please te… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
Hi,I moved to Oregon from California in Jan of 2010. I
Hi, I moved to Oregon from California in Jan of 2010. I have a home in CA and was having trouble making payments. My wife also got laid off. I tried to get my mortgage modified but it was taking a lon… read more
Brent Blanchard
Brent Blanchard
Solo Practitioner
Doctoral Degree
1,964 satisfied customers
I have a rental property in MO, I live in NY, and this MO property
I have a rental property in MO, I live in NY, and this MO property has been a disaster since I bought two years ago for probably three times the value then. Since then, I have had a sociopathic manage… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
31,003 satisfied customers
i have purchased a rental home in stateline, nevada in about
i have purchased a rental home in stateline, nevada in about 4 years ago. due to un-occupied rental home, i have kept waste my mortgage payment. besides the home value drops almost 40% which mortgage … read more
legaleagle
legaleagle
Lawyer
Doctoral Degree
13,441 satisfied customers
I currently have a balloon payment on a piece of investment
I currently have a balloon payment on a piece of investment property. Due to the economy, I have been unable to sell the property and it is not worth the money I paid for it originally. I applied to t… read more
J.Hazelbaker
J.Hazelbaker
Doctoral Degree
4,367 satisfied customers
I have abandoned my home in FL. What are the laws re insurance,
I have abandoned my home in FL. What are the laws re insurance, HOA fees, etc.? Should I officially notify anyone?… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
8,377 satisfied customers
I purchased a house in Southern California 5 years ago with
I purchased a house in Southern California 5 years ago with an 80/20 loan. The first is due to adjust in July and the 2nd was already refinanced for cash in 2006. I used the refinance money towards im… read more
Ray
Ray
Lawyer
Doctoral Degree
8,253 satisfied customers
Foreclosure Question Currently I own 2 homes. My first home
Foreclosure Question: Currently I own 2 homes. My first home I purchased at the heighth of the market for 400,000 and it now worth 250,000. I rent this home for 1500 dollars a month and take a 600 dol… read more
GoLaw
GoLaw
Doctoral Degree
751 satisfied customers
I am currently in a home that I owe $451,000 on and have an
I am currently in a home that I owe $451,000 on and have an ARM mortgage that I pay interest only payments on. I estimate the current value of my house to be $200,000. My mortgage interest rate does n… read more
Attorney_Lodge
Attorney_Lodge
Doctoral Degree
18 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x