Will the bank go after my primary residency? 2 Answers as of September 15, 2010

My rental home in California is being foreclosed on and my mortgage is upside down. Should I file Chapter 7 bankruptcy? Will the bank be able to go after this rental property and my primary residence if I do?

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
If there is a deficiency after sale, they can put a lien against your principal residence. You need to consult with a bankruptcy attorney to investigate and assess your options.
Answer Applies to: California
Replied: 9/15/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
Depends on the equity of your residence and whether you are current on that mortgage. If you are current on your residence, you should be able to keep your residence.
Answer Applies to: California
Replied: 9/15/2010
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