Home › Forums › Closed Forums › Buying and Selling RE › Is my sister’s HELOC non-recourse?
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November 1, 2008 at 3:37 PM #296213November 1, 2008 at 5:17 PM #296278barnaby33Participant
Either the laws have changed or I have become confused. It was my understanding that in CA, only a first mortgage was non-recourse. HELOCs and seconds are recourse loans, as well as re-fi’s. Is that not true? Has the law on this changed recently?
I know that presnit Bush signed into law that the fed would no longer come after you with a tax bill for foreclosure related losses claimed by banks, but I don’t think that changed the state law in any way.
JoshNovember 1, 2008 at 5:17 PM #296650barnaby33ParticipantEither the laws have changed or I have become confused. It was my understanding that in CA, only a first mortgage was non-recourse. HELOCs and seconds are recourse loans, as well as re-fi’s. Is that not true? Has the law on this changed recently?
I know that presnit Bush signed into law that the fed would no longer come after you with a tax bill for foreclosure related losses claimed by banks, but I don’t think that changed the state law in any way.
JoshNovember 1, 2008 at 5:17 PM #296693barnaby33ParticipantEither the laws have changed or I have become confused. It was my understanding that in CA, only a first mortgage was non-recourse. HELOCs and seconds are recourse loans, as well as re-fi’s. Is that not true? Has the law on this changed recently?
I know that presnit Bush signed into law that the fed would no longer come after you with a tax bill for foreclosure related losses claimed by banks, but I don’t think that changed the state law in any way.
JoshNovember 1, 2008 at 5:17 PM #296619barnaby33ParticipantEither the laws have changed or I have become confused. It was my understanding that in CA, only a first mortgage was non-recourse. HELOCs and seconds are recourse loans, as well as re-fi’s. Is that not true? Has the law on this changed recently?
I know that presnit Bush signed into law that the fed would no longer come after you with a tax bill for foreclosure related losses claimed by banks, but I don’t think that changed the state law in any way.
JoshNovember 1, 2008 at 5:17 PM #296638barnaby33ParticipantEither the laws have changed or I have become confused. It was my understanding that in CA, only a first mortgage was non-recourse. HELOCs and seconds are recourse loans, as well as re-fi’s. Is that not true? Has the law on this changed recently?
I know that presnit Bush signed into law that the fed would no longer come after you with a tax bill for foreclosure related losses claimed by banks, but I don’t think that changed the state law in any way.
JoshNovember 1, 2008 at 7:26 PM #296654jParticipantIt is not for first mortgages but Purchase loans, so a piggyback loan is non-recourse.
November 1, 2008 at 7:26 PM #296672jParticipantIt is not for first mortgages but Purchase loans, so a piggyback loan is non-recourse.
November 1, 2008 at 7:26 PM #296685jParticipantIt is not for first mortgages but Purchase loans, so a piggyback loan is non-recourse.
November 1, 2008 at 7:26 PM #296312jParticipantIt is not for first mortgages but Purchase loans, so a piggyback loan is non-recourse.
November 1, 2008 at 7:26 PM #296727jParticipantIt is not for first mortgages but Purchase loans, so a piggyback loan is non-recourse.
November 3, 2008 at 9:08 AM #297632KatParticipantThanks, everyone! I’ll pass the info on to my sister!
November 3, 2008 at 9:08 AM #297705KatParticipantThanks, everyone! I’ll pass the info on to my sister!
November 3, 2008 at 9:08 AM #297658KatParticipantThanks, everyone! I’ll pass the info on to my sister!
November 3, 2008 at 9:08 AM #297647KatParticipantThanks, everyone! I’ll pass the info on to my sister!
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