Purchased the home for $ 468,000.00. House has DEPRECIATED $ 200k since I bought 3 years ago. May is the first month I will not be paying my mortgage.
I want to know, can the bank’s garnish my wages? Will they come after me for the difference, after the property sells? Or will they just make it a wash?
If anyone has gone through this in Riverside County, I would like to hear from you especially the length of time I can stay at my home, before evicition too.
I am just confused, nervous and hate to leave, but I don’t see the housing market going up $ 200k anytime soon.
I read california was a non judicial foreclosure state, in which they CAN NOT garnish wages. that is why so many people are walking away. Plus, it costs the Mortgage company additional money to go after you. Please HELP ME. LINKS OR ANYTHING WILL WORK
tell me if I am right then:
NON JUDICIAL-WILL TAKE THE HOUSE AND THAT IS IT?
JUDICIAL-THEY WILL ISSUE FORECLOSURE AND SUE. I will have to repay the difference?
What is the Norm. for California?
Also, do they conside the difference between selling and what I owe, Taxable Income?