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sdrealtor.
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January 13, 2010 at 6:08 AM #16901January 13, 2010 at 9:19 AM #502629
Effective Demand
ParticipantIt is technically recourse but effectively almost any single loan in California isn’t recourse because of the “single action rule” (also called the one action rule). Lenders can take the house or go after your for the debt, but not both with that rule. They can go through a judicial foreclosure instead of a non-judicial foreclosure to get recourse but that is an extremely long and expensive process. To give you an idea of how rare it is the last person I can think of that almost got judicially foreclosed on was Michael Jackson.
As for the risks. The risk is that the property has some condition that makes it not lendable. Most issues are fixable, some aren’t (some title defects, land issues, or you sit on a nuclear waste dump). The other issue is that cash out refinances are much more conservative so you might only be able to get 60-75% of your money depending on the lender.
January 13, 2010 at 9:19 AM #502285Effective Demand
ParticipantIt is technically recourse but effectively almost any single loan in California isn’t recourse because of the “single action rule” (also called the one action rule). Lenders can take the house or go after your for the debt, but not both with that rule. They can go through a judicial foreclosure instead of a non-judicial foreclosure to get recourse but that is an extremely long and expensive process. To give you an idea of how rare it is the last person I can think of that almost got judicially foreclosed on was Michael Jackson.
As for the risks. The risk is that the property has some condition that makes it not lendable. Most issues are fixable, some aren’t (some title defects, land issues, or you sit on a nuclear waste dump). The other issue is that cash out refinances are much more conservative so you might only be able to get 60-75% of your money depending on the lender.
January 13, 2010 at 9:19 AM #502379Effective Demand
ParticipantIt is technically recourse but effectively almost any single loan in California isn’t recourse because of the “single action rule” (also called the one action rule). Lenders can take the house or go after your for the debt, but not both with that rule. They can go through a judicial foreclosure instead of a non-judicial foreclosure to get recourse but that is an extremely long and expensive process. To give you an idea of how rare it is the last person I can think of that almost got judicially foreclosed on was Michael Jackson.
As for the risks. The risk is that the property has some condition that makes it not lendable. Most issues are fixable, some aren’t (some title defects, land issues, or you sit on a nuclear waste dump). The other issue is that cash out refinances are much more conservative so you might only be able to get 60-75% of your money depending on the lender.
January 13, 2010 at 9:19 AM #501884Effective Demand
ParticipantIt is technically recourse but effectively almost any single loan in California isn’t recourse because of the “single action rule” (also called the one action rule). Lenders can take the house or go after your for the debt, but not both with that rule. They can go through a judicial foreclosure instead of a non-judicial foreclosure to get recourse but that is an extremely long and expensive process. To give you an idea of how rare it is the last person I can think of that almost got judicially foreclosed on was Michael Jackson.
As for the risks. The risk is that the property has some condition that makes it not lendable. Most issues are fixable, some aren’t (some title defects, land issues, or you sit on a nuclear waste dump). The other issue is that cash out refinances are much more conservative so you might only be able to get 60-75% of your money depending on the lender.
January 13, 2010 at 9:19 AM #501738Effective Demand
ParticipantIt is technically recourse but effectively almost any single loan in California isn’t recourse because of the “single action rule” (also called the one action rule). Lenders can take the house or go after your for the debt, but not both with that rule. They can go through a judicial foreclosure instead of a non-judicial foreclosure to get recourse but that is an extremely long and expensive process. To give you an idea of how rare it is the last person I can think of that almost got judicially foreclosed on was Michael Jackson.
As for the risks. The risk is that the property has some condition that makes it not lendable. Most issues are fixable, some aren’t (some title defects, land issues, or you sit on a nuclear waste dump). The other issue is that cash out refinances are much more conservative so you might only be able to get 60-75% of your money depending on the lender.
January 13, 2010 at 10:57 AM #501956george
ParticipantI’ve come across real estate auctions on the internet where after winning (and paying a large non-refundable deposit)you have 30-45 days to pay the balance owing. Does this ever happen at auction houses or on the court house steps in San Diego?
January 13, 2010 at 10:57 AM #502355george
ParticipantI’ve come across real estate auctions on the internet where after winning (and paying a large non-refundable deposit)you have 30-45 days to pay the balance owing. Does this ever happen at auction houses or on the court house steps in San Diego?
January 13, 2010 at 10:57 AM #501808george
ParticipantI’ve come across real estate auctions on the internet where after winning (and paying a large non-refundable deposit)you have 30-45 days to pay the balance owing. Does this ever happen at auction houses or on the court house steps in San Diego?
January 13, 2010 at 10:57 AM #502448george
ParticipantI’ve come across real estate auctions on the internet where after winning (and paying a large non-refundable deposit)you have 30-45 days to pay the balance owing. Does this ever happen at auction houses or on the court house steps in San Diego?
January 13, 2010 at 10:57 AM #502699george
ParticipantI’ve come across real estate auctions on the internet where after winning (and paying a large non-refundable deposit)you have 30-45 days to pay the balance owing. Does this ever happen at auction houses or on the court house steps in San Diego?
January 13, 2010 at 12:18 PM #501997UCGal
Participant[quote=george]I’ve come across real estate auctions on the internet where after winning (and paying a large non-refundable deposit)you have 30-45 days to pay the balance owing. Does this ever happen at auction houses or on the court house steps in San Diego?[/quote]
Don’t know about auction houses – but court house steps is all cash on the spot.
January 13, 2010 at 12:18 PM #501848UCGal
Participant[quote=george]I’ve come across real estate auctions on the internet where after winning (and paying a large non-refundable deposit)you have 30-45 days to pay the balance owing. Does this ever happen at auction houses or on the court house steps in San Diego?[/quote]
Don’t know about auction houses – but court house steps is all cash on the spot.
January 13, 2010 at 12:18 PM #502488UCGal
Participant[quote=george]I’ve come across real estate auctions on the internet where after winning (and paying a large non-refundable deposit)you have 30-45 days to pay the balance owing. Does this ever happen at auction houses or on the court house steps in San Diego?[/quote]
Don’t know about auction houses – but court house steps is all cash on the spot.
January 13, 2010 at 12:18 PM #502739UCGal
Participant[quote=george]I’ve come across real estate auctions on the internet where after winning (and paying a large non-refundable deposit)you have 30-45 days to pay the balance owing. Does this ever happen at auction houses or on the court house steps in San Diego?[/quote]
Don’t know about auction houses – but court house steps is all cash on the spot.
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