Question by Lucky: How will it effect my home in LA if I do a short sale on my home in AZ?
My AZ tenants do not pay their rent on time. I can not maintain two mortgages. I owe more on the AZ home than it is worth so I can’t sell. I planned on moving to AZ but my plans have changed.
Best answer:
Answer by REO Master
If you are behind in your mortgages then you can short sale. A short sale only affects the sale of that home but….you could still be liable for the remaining balance. Which if you can not pay off then you may have to file bankruptcy. i would contact a Realtor and start the package asap because short sales are lengthy! Good Luck!!
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About Michael Sky
Nothing to your home in CA. However if you have any credit cards and they see you been foreclosed on they will raise the rates on your cards.. That’s about it.. Oh some car insurance company also do the same on credit scores. They also may raise your rates.. No Good reason for it. They just do it..
They will not take your CA home, but are very likely to refuse to allow the short sale as you obviously have assets available to you. Short sales are to help families who can not pay their mortgage, not investors who made a bad investment. When you decided to get into the real estate business you took the chance that business might not be that great.
Please read. you can’t just walk away.
http://www.Phoenix-AZ-RealEstate.com/go/Arizona-Homes