California  |  Real Estate Law

Legal Question

Asked on: 9/13/12, 4:07 pm

I own a home in CA, secured with an FHA loan (fixed, 30-year) which is original (not refinanced) and it's underwater by about 20-30K. I recently had to move to WA for a new job, and bought a new house. I need to offload my CA house and want to know if the bank (Chase) can pursue me for a deficiency judgement if I foreclose. Alternatively, are there any benefits to short selling (it seems the credit hit is similar)?

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