Ziay!

musicadirect

sell my primary house? I live in California and both properties are in California. Primary in San Francisco, rental in Richmond.
If I let the banks foreclose on my rental property can they come after my primary home?
The value of my Richmond property has gone down by 40%, and I owe more to the banks that what I could sell it for. I have been struggling to make the monthly payments since last Nov 2007, and as a real estate agent, I have had no sales since 12/07. Therefore I can no longer make my mortgage payments. I cannot sell or refinance my rental property due to the decrease in value.

I have contacted Bank of America, Washington Mutual and the many "consumer" counseling sites such as 999-hope for help. But all tell me that unless I stop making payments the banks will not talk to me about modifying terms. However, once I stop making payments I will then ruin my credit. And so I have until May 15, 2008 to either make my payment or not. And at this moment I am thinking of stopping payments.