My question involves a foreclosure in the State of: CA
Hello, My question involves walking away from our investment home in Menifee, CA. My wife and I bought the home like many people with 80/20. Primary loan was Countrywide buy now it's Bank of America. We already paid off the 2nd loan as a HELOC.
We did refinance the primary loan to lower rate but it will adjust in 2012. We bought the home in 2005 for $380K and now it's probably worth $170K through the most recent comps in our area.
I've read through the various posts that if you refinanced any loans you're held responsible and the banks may pursue you under the deficency laws. Does that mean they can come after my primary home?
My wife and I just want to get out. We don't have any financial hardship.
Is it possible to have any principle marked down? I mean if the bank can lower it to fair market value, we would like to keep the home. We've had great tenants for the past couple of years but they're moving out at the end of the month. They just bought a new home.
Another question is how bad will our credit score drop in a foreclosure? My wife's at 780 and I'm at 750.
I'd also like to thank everyone for their advice and input. This forum a major resource to everyone. Thanks!

