Both loans are non-recourse. – Piggington's Econo-Almanac

October 9, 2007 at 4:37 PM #87645

Participant

Both loans are non-recourse. Even if the 2nd is a HELOC and regardless of any provisions regarding recourse. CA code and case law say if it’s purchase money, it’s non-recourse.

There will be no tax owed due to the foreclosure.