My question involves a foreclosure in the State of: California. Hello - I wanted to run this by someone who can give me confirmation that this is okay/legal. I am going into foreclosure. (company lay off and can no longer afford to pay mortgage). The house I bought is on parcel A and the backyard is on parcel B.
The backyard also runs on a different street (street parallel to my street) also and has a gate to enter as well. The lender wanted nothing to do with giving me a loan for the back lot - they just wanted to give me a loan for the front lot. So the backlot was not financed - and it is legally mine. To be on the safe side I grant deeded the back lot only to my husband (I bought the house before were were married and we have different last names). I just wanted to make sure that the lenders would not take the back lot. (I would like to sell the back lot one day down the road). This is legal correct? Also, one last question: I won't have to pay the difference for the money the bank gets for this house ...will I? If it sells for less that what my mortgage is which it will ...will they come after me for the difference?? Thank you - Mylissa