Legal Question in Real Estate Law in California

two mortgages

I bought a house in California, but then could not move due to my job. I own a home in Virginia. I had a couple rent my home in California, my realtor did a credit check and said they had excellent credit. They made an offer and couldnt close because they had credit fraud, they stayed in our house for six months and didnt pay us. So we had to take out a loan and now we cant afford paying both houses. I want to keep my house in Virginia but cannot afford my house in Caifornia. What are my options...I have really good credit and do not want to ruin it....and advice would really be helpful...Thanks for you time.


Asked on 10/20/06, 11:14 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: two mortgages

You are in a tough spot, due I suppose to the dual misfortune of an ill-timed purchase and the credit fraud. Rents are rising in California; my advice is to get a good income-property manager and make a second effort at renting for positive or at least affordably negative cash flow. Selling is less attractive as prices have fallen in most California housing markets (but not all; the hi-tech centers are still holding up well). Resale opportunities should look a lot better in three to five years. There is also an option to sue the former renters for fraud, or possibly the realtor for negligence, but this doesn't sound too promising.

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Answered on 10/21/06, 3:08 pm


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