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    Default 2nd Loan Refinanced in California

    My question involves a foreclosure in the State of: California

    I just want to clarify that if we refinanced our second, we are stuck owing that money if we foreclose on our house. Is this correct?

    If we keep the house and lose money renting it out can we write off the loss? We really need to move and I am looking for any option that gets us out of this house without bankrupcy.

  2. #2
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    Default Re: 2nd Loan Refinanced in California

    Quote Quoting mom_4_bigdog
    View Post
    My question involves a foreclosure in the State of: California

    I just want to clarify that if we refinanced our second, we are stuck owing that money if we foreclose on our house. Is this correct?

    If we keep the house and lose money renting it out can we write off the loss? We really need to move and I am looking for any option that gets us out of this house without bankrupcy.
    You are correct. Your refinanced second mortgage is a debt that can be turned into a judgment if you default. They will sue you. Of course your best bet is to try and make the payments.

    If you rent the home for a loss, yes, you can write off the loss on your taxes.

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