California | Real Estate Law
Legal Question
I live in california, own a home have a job and a bank account as well as other assets such as mutual funds. I own an investment property in Boise Idaho. We paid $220,00 for it, owe approximately $200,00 and it is currently worth $160,000. Over and above what we collect in rent we pay $1000 toward the mortgage.I am about halfway into a 5 year interest only loan and I do not see the value of the property getting back to the purchase price prior to the end of the 5 years. I am considering allowing foreclosure on the property since I am unable to get any modification of the loan. I would like to know what the ramifications of that would be (other than bad credit). Can they go after my primary residence? can the lender sue me? what are the tax liabilities? Any assistance would be greatly appreciated.
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