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simonbart.
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October 22, 2009 at 3:37 PM #16539October 22, 2009 at 6:34 PM #472456
PCinSD
GuestI just did a google search for “south carolina recourse home loans”, and found this:
http://www.fhfa.gov/webfiles/15051/wp09-10.pdf
According to the article, S.Carolina is a recourse state. So, yeah, his California property could potentially be in jeopardy. Practically speaking, tho, no creditor will be able to go after his CA property given that he owes more than it’s worth.
He could do what many others are doing. Quit paying on both. Live in the primary for the next year for free.
By the way, any idea why he wants to save a house he is upside down on, when he has run out of money? Just curious.
Hopefully everything works out for him.
October 22, 2009 at 6:34 PM #472636GuestI just did a google search for “south carolina recourse home loans”, and found this:
http://www.fhfa.gov/webfiles/15051/wp09-10.pdf
According to the article, S.Carolina is a recourse state. So, yeah, his California property could potentially be in jeopardy. Practically speaking, tho, no creditor will be able to go after his CA property given that he owes more than it’s worth.
He could do what many others are doing. Quit paying on both. Live in the primary for the next year for free.
By the way, any idea why he wants to save a house he is upside down on, when he has run out of money? Just curious.
Hopefully everything works out for him.
October 22, 2009 at 6:34 PM #472990GuestI just did a google search for “south carolina recourse home loans”, and found this:
http://www.fhfa.gov/webfiles/15051/wp09-10.pdf
According to the article, S.Carolina is a recourse state. So, yeah, his California property could potentially be in jeopardy. Practically speaking, tho, no creditor will be able to go after his CA property given that he owes more than it’s worth.
He could do what many others are doing. Quit paying on both. Live in the primary for the next year for free.
By the way, any idea why he wants to save a house he is upside down on, when he has run out of money? Just curious.
Hopefully everything works out for him.
October 22, 2009 at 6:34 PM #473067GuestI just did a google search for “south carolina recourse home loans”, and found this:
http://www.fhfa.gov/webfiles/15051/wp09-10.pdf
According to the article, S.Carolina is a recourse state. So, yeah, his California property could potentially be in jeopardy. Practically speaking, tho, no creditor will be able to go after his CA property given that he owes more than it’s worth.
He could do what many others are doing. Quit paying on both. Live in the primary for the next year for free.
By the way, any idea why he wants to save a house he is upside down on, when he has run out of money? Just curious.
Hopefully everything works out for him.
October 22, 2009 at 6:34 PM #473292GuestI just did a google search for “south carolina recourse home loans”, and found this:
http://www.fhfa.gov/webfiles/15051/wp09-10.pdf
According to the article, S.Carolina is a recourse state. So, yeah, his California property could potentially be in jeopardy. Practically speaking, tho, no creditor will be able to go after his CA property given that he owes more than it’s worth.
He could do what many others are doing. Quit paying on both. Live in the primary for the next year for free.
By the way, any idea why he wants to save a house he is upside down on, when he has run out of money? Just curious.
Hopefully everything works out for him.
October 23, 2009 at 6:17 PM #472900simonbart
ParticipantI’m not really pushing him for what direction he is going to take….just acting more like a sounding board.
To walk away from his home would be emotionally crushing. He spent a few yrs renovating it, then HELOC’ed the crap out of it and invested in all kinds of get rich annuities and real estate. Very foolish thing to do. I advised against it at the time…but no one listened to conservitive advise back in 2005.
People might never be able to financially recover from bad decisions. Life is too short.
October 23, 2009 at 6:17 PM #473078ParticipantI’m not really pushing him for what direction he is going to take….just acting more like a sounding board.
To walk away from his home would be emotionally crushing. He spent a few yrs renovating it, then HELOC’ed the crap out of it and invested in all kinds of get rich annuities and real estate. Very foolish thing to do. I advised against it at the time…but no one listened to conservitive advise back in 2005.
People might never be able to financially recover from bad decisions. Life is too short.
October 23, 2009 at 6:17 PM #473443ParticipantI’m not really pushing him for what direction he is going to take….just acting more like a sounding board.
To walk away from his home would be emotionally crushing. He spent a few yrs renovating it, then HELOC’ed the crap out of it and invested in all kinds of get rich annuities and real estate. Very foolish thing to do. I advised against it at the time…but no one listened to conservitive advise back in 2005.
People might never be able to financially recover from bad decisions. Life is too short.
October 23, 2009 at 6:17 PM #473519ParticipantI’m not really pushing him for what direction he is going to take….just acting more like a sounding board.
To walk away from his home would be emotionally crushing. He spent a few yrs renovating it, then HELOC’ed the crap out of it and invested in all kinds of get rich annuities and real estate. Very foolish thing to do. I advised against it at the time…but no one listened to conservitive advise back in 2005.
People might never be able to financially recover from bad decisions. Life is too short.
October 23, 2009 at 6:17 PM #473742ParticipantI’m not really pushing him for what direction he is going to take….just acting more like a sounding board.
To walk away from his home would be emotionally crushing. He spent a few yrs renovating it, then HELOC’ed the crap out of it and invested in all kinds of get rich annuities and real estate. Very foolish thing to do. I advised against it at the time…but no one listened to conservitive advise back in 2005.
People might never be able to financially recover from bad decisions. Life is too short.
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