[smiley_girl]

...assets? I am in the process of trying to short sale my home. The home has both a first and a second. The first has taken over 6 months to respond to the short sale request and now the second is transferring the file over to their recovery department and indicated they are going to close the account has a charge off and begin the foreclosure process.My question is what are the legal consequences I am faced with here? I happen to have a bank account with the company holding the second mortgage. It is actually a joint account with an uncle, and the funds are used strictly to support (3) minor children (sisters) that I am currently obtaining legal guadianship. In addition, my current residence is shared ownership between my uncle and I, as he provided a substantial down payment so we could move into a home large enough for my (3) sisters. Can the bank (Chase) go after this bank account or the home with some equity that really is not mine? How can I be sure to protect both of these assets that truly are not entitled to me?I live in California.

[Clive]

Contact your lender to see what type of refinancing is available through them. You may be able to save on closing costs, appraisals, and other fees by working with your current lender. They are usually willing to work with you to avoid your mortgage going into foreclosure. The lender could lose between fifty to sixty thousand dollars on each foreclosure, so they are motivated to work out a solution to avoid foreclosure for their own interests as well as yours.Please seek professional advice for California as there are differences in the legal position and available options between states and countries.Best wishesClive