mortgage bankruptcy measure

what are the consequences for foreclosure in California?

I have problems, monthly payments because of financial difficulties created by my unexpected Death reduced income, a family member and disease. I was operated on April 2008, uncle committed suicide at home June 2008 and I was my job released from one of my full time to care for my two young children. That's all turned out to be an enormous amount of hardship to keep my ability with the mortgage Payments to the current. I have sought legal advice in this situation but hope bankruptcy resolve this matter before resorting to drastic measures such as applying for. I think that my situation is temporary and would be prepared original back to my payment as soon as my situation improves, in which I have faith that it is.

If you are "laid off" are then in the U.S. state of California, you qualify for unemployment benefits. If you care for your children To end, you were not "dismissed". You may be eligible for welfare or other financial assistance from the state. http://www.dss.cahwnet.gov/cdssweb/default.htm has more information on funding programs in CA. The consequences of foreclosure are at least 7 years bad credit (not just poor, but abysmal), rental difficulties a place through to bad credit and possibly a financial burden. The bank will either agree with the loss on the house "income" and send It shows a tax return it as such, or they go after you collect any difference. I did not word that well, but if you owe $ 250k on the house, and the bank forecloses and sells it for $ 150k, you will either owe $ 100k or $ 100k that as income.

Whitehouse Pushes for Measure to Help Families Keep Their Homes