Equity Home Loans

Foreclosure Advise Wanted?

I own a home in California that has several home equity loans on it. All of the loans are with Wells Fargo and the loan was created and signed in CA. I have since moved to Idaho and can no longer make the loan payments on the CA house. The house is now less considerably less than the loan amounts. Idaho is not a debt forgiveness state and CA is. Would this be an Idaho case since I now live there or a CA case since that is where the house is and where the loan was created and signed? Additionally, if the house goes into foreclosure can I be held liable for the difference between the sale price and the loan balance? I have no problem walking away from the house and giving the bank the keys. Any suggestions or alternatives would be approeciated.

Public Comments

1. Yes no matter where you go they will go after you for the difference
2. it is a CA issue, you can turn the keys over to them, and since the home collateralizes the loan, it should be the only attachment. You may want to seek a CA lawyer's advice, and re-read your mortgage agreements on doing this correctly. GL
3. You can check the CA foreclosure laws here: http://www.truthinforeclosure.com/state-laws.html http://www.entrusthome.com/12-stop-foreclosure-california.php http://www.forecloseddreams.com/california-foreclosure-law Your answer depends on how they choose to foreclose: California has a one-action rule, in which a lender must elect one action to take against the borrower if the borrower defaults. If the lender forecloses the deed of trust out of court, the lender has chosen one action and may not bring a lawsuit to recover a deficiency, which would be a second action. If the lender chooses to sue the borrower and obtain both a foreclosure order, and if the proceeds of the judicial sale of the real estate are not sufficient to repay the loan balance, then a deficiency for the balance is allowed. Such a suit is permitted as the lender's one action.
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