Legal Question in Real Estate Law in California
Legal and financial implications of a
I own a mobile home and the market has turned upside-down. What are the pros and cons of engaging in a "short sale" transaction? Are there other options? My bank is telling me I can't take a short sale -- is that true? I'd like to get out from under this debt with little or no impact on my credit. We are a 2-income household, and we just built a new house. I would like advice on getting out of this 2 mortgage situation!
1 Answer from Attorneys
CA short-sale requirements
Most lending companies require proof the property has been listed with a realtor for over 6 months, and most also base their decision on your current financial situation. Because you just built a new home, most lenders would not have much sympathy for you, thinking you created your own situation. GOOD LUCK!
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