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  • October 31, 2008 at 4:25 PM #296216
    bubba99
    Participant

    The loan is not recourse, but that will not stop collection agencies from trying to collect, nor prevent “bad” marks on credit history.

    Non-recourse only means that there is not a tax bill, and no legal remedy for the lender to collect. But the debt is not forgiven.

    November 1, 2008 at 6:47 AM #296009
    bake
    Participant

    As a mortgage broker, not a lawyer, I agree with all of the above, if it was purchase money and not used for anything else, it is non-recourse.

    November 1, 2008 at 6:47 AM #296348
    bake
    Participant

    As a mortgage broker, not a lawyer, I agree with all of the above, if it was purchase money and not used for anything else, it is non-recourse.

    November 1, 2008 at 6:47 AM #296369
    bake
    Participant

    As a mortgage broker, not a lawyer, I agree with all of the above, if it was purchase money and not used for anything else, it is non-recourse.

    November 1, 2008 at 6:47 AM #296380
    bake
    Participant

    As a mortgage broker, not a lawyer, I agree with all of the above, if it was purchase money and not used for anything else, it is non-recourse.

    November 1, 2008 at 6:47 AM #296421
    bake
    Participant

    As a mortgage broker, not a lawyer, I agree with all of the above, if it was purchase money and not used for anything else, it is non-recourse.

    November 1, 2008 at 9:13 AM #296043
    bsrsharma
    Participant

    In other words, the loan to value is 220%

    urbanrealtor,

    Can you disclose the location (ZIP is fine)?

    November 1, 2008 at 9:13 AM #296383
    bsrsharma
    Participant

    In other words, the loan to value is 220%

    urbanrealtor,

    Can you disclose the location (ZIP is fine)?

    November 1, 2008 at 9:13 AM #296404
    bsrsharma
    Participant

    In other words, the loan to value is 220%

    urbanrealtor,

    Can you disclose the location (ZIP is fine)?

    November 1, 2008 at 9:13 AM #296415
    bsrsharma
    Participant

    In other words, the loan to value is 220%

    urbanrealtor,

    Can you disclose the location (ZIP is fine)?

    November 1, 2008 at 9:13 AM #296456
    bsrsharma
    Participant

    In other words, the loan to value is 220%

    urbanrealtor,

    Can you disclose the location (ZIP is fine)?

    November 1, 2008 at 11:13 AM #296113
    peterb
    Participant

    If the HELOC was essentially a second mortgage used to purchase the home, it should be considered part of the purchase money loan package. Purchase money loans are non-recourse in CA. By law, I believe.

    November 1, 2008 at 11:13 AM #296454
    peterb
    Participant

    If the HELOC was essentially a second mortgage used to purchase the home, it should be considered part of the purchase money loan package. Purchase money loans are non-recourse in CA. By law, I believe.

    November 1, 2008 at 11:13 AM #296473
    peterb
    Participant

    If the HELOC was essentially a second mortgage used to purchase the home, it should be considered part of the purchase money loan package. Purchase money loans are non-recourse in CA. By law, I believe.

    November 1, 2008 at 11:13 AM #296485
    peterb
    Participant

    If the HELOC was essentially a second mortgage used to purchase the home, it should be considered part of the purchase money loan package. Purchase money loans are non-recourse in CA. By law, I believe.

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