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beelzebub.
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January 25, 2010 at 1:35 PM #16948January 25, 2010 at 2:36 PM #505511
briansd1
GuestEven if it’s technically a recourse loan, nobody will go after your other assets if you walk.
If the lenders choose non-judicial foreclosure (trustee sale) they CANNOT get a judgment even if the loan are recourse.* They have to sue you in court for a judicial foreclosure to obtain a judgment. It’s a very costly process and lenders in California don’t even know how to do that (their bureaucracy is setup for trustee’s sales).
I have never heard of a lender getting a recourse judgment.
Unless you are a millionaire with other known assets, you have nothing to worry about. Don’t let the lawyers scare you into paying them fees — just walk if that’s what you want to do.
* One action rule:
http://www.callawyer.com/cleStory.cfm?eid=882503&evid=1&qVersionID=77&qTypeID=7January 25, 2010 at 2:36 PM #506411GuestEven if it’s technically a recourse loan, nobody will go after your other assets if you walk.
If the lenders choose non-judicial foreclosure (trustee sale) they CANNOT get a judgment even if the loan are recourse.* They have to sue you in court for a judicial foreclosure to obtain a judgment. It’s a very costly process and lenders in California don’t even know how to do that (their bureaucracy is setup for trustee’s sales).
I have never heard of a lender getting a recourse judgment.
Unless you are a millionaire with other known assets, you have nothing to worry about. Don’t let the lawyers scare you into paying them fees — just walk if that’s what you want to do.
* One action rule:
http://www.callawyer.com/cleStory.cfm?eid=882503&evid=1&qVersionID=77&qTypeID=7January 25, 2010 at 2:36 PM #505658GuestEven if it’s technically a recourse loan, nobody will go after your other assets if you walk.
If the lenders choose non-judicial foreclosure (trustee sale) they CANNOT get a judgment even if the loan are recourse.* They have to sue you in court for a judicial foreclosure to obtain a judgment. It’s a very costly process and lenders in California don’t even know how to do that (their bureaucracy is setup for trustee’s sales).
I have never heard of a lender getting a recourse judgment.
Unless you are a millionaire with other known assets, you have nothing to worry about. Don’t let the lawyers scare you into paying them fees — just walk if that’s what you want to do.
* One action rule:
http://www.callawyer.com/cleStory.cfm?eid=882503&evid=1&qVersionID=77&qTypeID=7January 25, 2010 at 2:36 PM #506156GuestEven if it’s technically a recourse loan, nobody will go after your other assets if you walk.
If the lenders choose non-judicial foreclosure (trustee sale) they CANNOT get a judgment even if the loan are recourse.* They have to sue you in court for a judicial foreclosure to obtain a judgment. It’s a very costly process and lenders in California don’t even know how to do that (their bureaucracy is setup for trustee’s sales).
I have never heard of a lender getting a recourse judgment.
Unless you are a millionaire with other known assets, you have nothing to worry about. Don’t let the lawyers scare you into paying them fees — just walk if that’s what you want to do.
* One action rule:
http://www.callawyer.com/cleStory.cfm?eid=882503&evid=1&qVersionID=77&qTypeID=7January 25, 2010 at 2:36 PM #506064GuestEven if it’s technically a recourse loan, nobody will go after your other assets if you walk.
If the lenders choose non-judicial foreclosure (trustee sale) they CANNOT get a judgment even if the loan are recourse.* They have to sue you in court for a judicial foreclosure to obtain a judgment. It’s a very costly process and lenders in California don’t even know how to do that (their bureaucracy is setup for trustee’s sales).
I have never heard of a lender getting a recourse judgment.
Unless you are a millionaire with other known assets, you have nothing to worry about. Don’t let the lawyers scare you into paying them fees — just walk if that’s what you want to do.
* One action rule:
http://www.callawyer.com/cleStory.cfm?eid=882503&evid=1&qVersionID=77&qTypeID=7January 25, 2010 at 3:17 PM #506197GuestDid you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.
January 25, 2010 at 3:17 PM #506451GuestDid you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.
January 25, 2010 at 3:17 PM #506104GuestDid you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.
January 25, 2010 at 3:17 PM #505551GuestDid you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.
January 25, 2010 at 3:17 PM #505698GuestDid you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.
January 25, 2010 at 3:18 PM #506456urbanrealtor
Participant[quote=briansd1]Did you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.[/quote]
Its still debatable, but there is a line of re legal thought right now that states that a mod makes it into a new loan and therefore recourse.Not my opinion but expect this to be exploited in the near future.
January 25, 2010 at 3:18 PM #505556Participant[quote=briansd1]Did you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.[/quote]
Its still debatable, but there is a line of re legal thought right now that states that a mod makes it into a new loan and therefore recourse.Not my opinion but expect this to be exploited in the near future.
January 25, 2010 at 3:18 PM #506110Participant[quote=briansd1]Did you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.[/quote]
Its still debatable, but there is a line of re legal thought right now that states that a mod makes it into a new loan and therefore recourse.Not my opinion but expect this to be exploited in the near future.
January 25, 2010 at 3:18 PM #505703Participant[quote=briansd1]Did you get a new loan drawn up? Was the old loan paid off?
How was the transaction/modification recorded?
That would help tell if the loan is recourse or not…. But either way, the above applies.
If it’s still the same purchase money loan, then it’s a non-recourse loan.[/quote]
Its still debatable, but there is a line of re legal thought right now that states that a mod makes it into a new loan and therefore recourse.Not my opinion but expect this to be exploited in the near future.
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