I want to foreclose or short sell my main residence. Will the bank go after my 2 investment properties?
On my main residence, I have a 6.5% interest only mortgage with Wells Fargo. My mortgage rate will jump up 2% in a year from now, and that will make it impossible for me to pay for my mortgage.
I tried to do a loan modification under the HAMP program but it was refused since they caught that I had 2 investment properties with equity on them…
Now, if I decide to foreclose or short sell my home, will the bank go after my investment properties?
How can I protect myself better?
I live in California, that’s a non recourse state.
Could I transfer the titles of my investment properties to someone else? Maybe my wife’s corporation?
How about transferring the titles of my investment properties to family members, such as my inlaws?