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I have a question regarding bankruptcy and foreclosure in California.?

My husband lost his job in October and I am a student, so we have no money coming in except for a pittance from unemployment. We had some savings and he cashed in his retirement, but we are almost out of money. We put our condo on the market in December, but so far no takers. My husband has relatives in Las Vegas who have invited us to live with them temporarily, so my husband went after Christmas and began the job-hunt. We are now considering foreclosure and/or bankruptcy, but neither of us know much about either process. Can anyone either explain these processes to me, (in English - not Legalese), or direct me to a website that I can understand? I need to know everything, such as: Do I have to file in California or can we do this in Nevada? Do we contact the lender about foreclosure or is this something they do automatically? (They have been completely unwilling to work with us even though we have never been late on a payment.) Any advice/info would be greatly appreciated.

Asked By: JustDucky - 2/1/2007
Best Answer - Chosen by Asker
Bankruptcy is the final step in protecting your assets... More
Answered By: Skip - 2/1/2007
Additional Answers (5)
The only advice I can give you is NOT to go into foreclosure. If anything file bankruptcy. In the future if you plan on buying another house and you have gone into foreclosure you will have a REALLY HARD time finding someone to lend you the money. Where as bankruptcy's dont look as bad.
Answered By: condorcall02 - 2/1/2007
 
I've got a solution. If you have equity in your home why not use the equity towards purchasing an inexpensive condo in Las Vegas. (you can always say it's going to be rental property) You've never been late on a payment so the bank will have no idea your husband lost his job!!Then you can let California foreclose on... More
Answered By: Paul V - 2/1/2007
 
CSG (www.consolidatedsg.com/nadinelottihall/fc) is helping Homeowners prevent foreclosure and saving their homes... More
Answered By: Nay - 2/1/2007
 
In a forclosure, you stop paying your payments, and after a few months the bank takes over the house. They then sell it and put that money toward what you owe. You want to avoid this as much as possible. It seems easy, but kills your credit and still leaves you owing money. It will limit your home purchses for many... More
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Answered By: Ron B - 2/1/2007
 
First off sorry to hear your are having hard times... More
Source(s):
Answered By: Drew - 2/1/2007
 
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