Should I worry about the bank coming after me?

[Cyellow]

Foreclosing on my house. I refinanced my 20/80 loans into one loan a few years back and also paid some bills and took out some equity. Now that I can no longer pay for the loan I will be defaulting on the loan and eventually foreclosed. Can the bank come after me with a lawsuit, wage garnishment, take my cars, etc.?

[shobam]

Foreclosing on my house. I refinanced my 20/80 loans into one loan a few years back and also paid some bills and took out some equity. Now that I can no longer pay for the loan I will be defaulting on the loan and eventually foreclosed. Can the bank come after me with a lawsuit, wage garnishment, take my cars, etc.?

Your months if not years away from any kind of law suit if any come your way at all. To give you more information we would need to know what state your are in along with other details. The short answer is they can only pursue you in any real way after the foreclosure and then for the shorts after the auction and only if you are in a recourse state based on how the laws are written in your state.

[Cyellow]

Your months if not years away from any kind of law suit if any come your way at all. To give you more information we would need to know what state your are in along with other details. The short answer is they can only pursue you in any real way after the foreclosure and then for the shorts after the auction and only if you are in a recourse state based on how the laws are written in your state.

I live in California. Is CA a recourse state?

[shobam]

I believe CA is a non recourse state

[Angels]

If the loan was purchase money then it is non-recourse. Re-fi’s, home equity, etc, are considered recourse loans unless something has changed that I am not aware of.