View Poll Results: What are the repercussions on buying a second home than walking away from the first?

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Thread: What are the repercussions if we buy our second home then foreclose on the first home California

  1. #1
    Junior Member
    Join Date
    May 2008

    Thumbs down What are the repercussions if we buy our second home then foreclose on the first home California

    We bought a condo in 2005. We got an interest only loan 80/20 fixed for 5 years. We put zero down. We are unable to refinance the loan. We under 90K from what we paid for this condo. We have been having major water issues since we purchased this place. Ten other units have been having water issues. The foreclosure in the community is growing meaning less cash reserves for the HOA. Our loan will adjust next year. We can't refinance the loan meaning we might not be able to afford the monthly payment. We can't sale the house for what we paid, since the market value has gone down. We can't sale it as a short sale because we need to show financial hardship. We are miserable here with all the mold and water problems we been having. We are thinking about purchasing a house. Then, stop paying the condo (walking a way). Our loan is non recourse loan. We have great credit right now. I talked to a lawyer he told me to walk away from the property. It would cost 25,000 to sue and it would go through litigation which would take a long time. We have paid money out of our pocket for a slab leak that was caused by not having pressure regulators. This took 7 months to get back to normal. This damaged almost our whole unit. Then, a roof leak that was a nightmare taking 7-8 months for the HOA to fix with them avoiding our calls. Telling us lies saying it was fixed when all they did was replace the drywall, but not find the source of the problem. Then, dealing with mold and trying to get rid of it. I broke out in hives from having allergic reaction to the mold in this condo. This was terrible!!!! Every year we always have water or mold issue it seems never ending. The lawyer told me to talk to a tax advisor as well. The tax advisor said he's predicting 7 years for us to be able to sale at for what we paid. He also, said he would suggest the same thing with my situation that I am in (walking away). What would the repercussions be from buying a new home and walking away from the old? Will they be able to take a way the new home????? Is this against the law? I do not want to be homeless next year when our loan adjusts. Then, we will have a foreclosure on our record (bad credit) with no new home..... Any comments/thoughts????

  2. #2
    Super Moderator
    Join Date
    Oct 2005
    Springfield, VA

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