Foreclosure of a Rental Property

**Rjewyo** · 01-19-2009, 07:02 AM

My question involves a foreclosure in the State of: CA
Purchased an "owner occupied" large home late 2005 in CA with purchase-money loans; fixed 1st and HELOC 2nd. Could not continue making big payments by mid 2006, due to unexpected medical retirement so leased it as a senior assisted living home. Now that leasor's business has declined and he is unable to make payments with home soon to be vacant. Jan/09 1st & HELOC 2nd payment not made. Will I be able to foreclose as "owner occupied" even though I don't live in the home now! What will Countrywide require...do I need an attorney?

**seniorjudge** · 01-19-2009, 09:04 AM

Q: Will I be able to foreclose as "owner occupied" even though I don't live in the home now!

A: Did you borrow money or lend money?

**Rjewyo** · 01-19-2009, 09:23 AM

Borrowed money from Countrywide....also made a downpayment toward purchase.

**seniorjudge** · 01-19-2009, 09:24 AM

Then you will not be foreclosing. You will be foreclosed upon.

And, according to your post, you are not living there.

**Rjewyo** · 01-19-2009, 09:53 AM

That's correct...not living in the home. What will Countrywide require from me...do I need an attorney?

**seniorjudge** · 01-19-2009, 09:54 AM

Countrywide will require a lot of money from you to pay off the debt you owe them.

Yes, I would get a lawyer.

**OhMy** · 01-19-2009, 10:01 AM

I would like to add the following;

If these where PURCHASE MONEY MORTGAGES and you never refinanced them you will be in the clear as far as a deficiency judgment. All mortgages in calif are not being foreclosed as non judicial.

Here is a link to the California law;

http://stopforeclosure.com/Californi...losure_Law.htm