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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 19117
Experience:  B.A.; M.B.A.; J.D.
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My sister and I have a second home on which we are about to

Customer Question

My sister and I have a second home on which we are about to be two months' late on mortgage payments on a senior loan $99,000 balance and a HELOC balance of $63,000 (also in arrears) Plus $1400 in real estate taxes and $6200 in HOA fees. The home is appraised at about $230.000. Since we cant make any more payments, can we just "walk away" and still keep our primary home (in reverse mortgage status and our cars)? and not make any more payments on 2nd home. thank you very mucy
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 1 year ago.

If you cannot make any more payments and you have not been able to sell the property, then you can walk away without losing your primary home and your cars so long. See California Code of Civil Procedure Sections 580b, 580c, and 580d. Also see California Code of Civil Procedure Section 703.140(b)(2).

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