- This topic has 75 replies, 10 voices, and was last updated 16 years, 2 months ago by patientlywaiting.
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February 16, 2008 at 10:28 AM #11835February 16, 2008 at 10:48 AM #154200ocrenterParticipantFebruary 16, 2008 at 10:48 AM #154476ocrenterParticipantFebruary 16, 2008 at 10:48 AM #154489ocrenterParticipantFebruary 16, 2008 at 10:48 AM #154500ocrenterParticipantFebruary 16, 2008 at 10:48 AM #154578ocrenterParticipantFebruary 16, 2008 at 10:48 AM #154204NavydocParticipant
Someone in the money biz can correct me if I’m wrong, but I think you’re on the hook for the HELOC. The 1st should be non-recourse and the bank has to take what they can get. Remains to be seen how long Countrywide will remain solvent, and how willing they will be to chase you for the delinquent HELOC, but theoretically they can.
February 16, 2008 at 10:48 AM #154481NavydocParticipantSomeone in the money biz can correct me if I’m wrong, but I think you’re on the hook for the HELOC. The 1st should be non-recourse and the bank has to take what they can get. Remains to be seen how long Countrywide will remain solvent, and how willing they will be to chase you for the delinquent HELOC, but theoretically they can.
February 16, 2008 at 10:48 AM #154494NavydocParticipantSomeone in the money biz can correct me if I’m wrong, but I think you’re on the hook for the HELOC. The 1st should be non-recourse and the bank has to take what they can get. Remains to be seen how long Countrywide will remain solvent, and how willing they will be to chase you for the delinquent HELOC, but theoretically they can.
February 16, 2008 at 10:48 AM #154505NavydocParticipantSomeone in the money biz can correct me if I’m wrong, but I think you’re on the hook for the HELOC. The 1st should be non-recourse and the bank has to take what they can get. Remains to be seen how long Countrywide will remain solvent, and how willing they will be to chase you for the delinquent HELOC, but theoretically they can.
February 16, 2008 at 10:48 AM #154583NavydocParticipantSomeone in the money biz can correct me if I’m wrong, but I think you’re on the hook for the HELOC. The 1st should be non-recourse and the bank has to take what they can get. Remains to be seen how long Countrywide will remain solvent, and how willing they will be to chase you for the delinquent HELOC, but theoretically they can.
February 16, 2008 at 10:55 AM #154209seattle-reloParticipantIf the second was a purchase money loan there is a good chance that it’s also nonrecourse. Again, as suggested to the other “should I stay or should I go” poster, talk to an attorney and accountant that have expertise in this area. I believe there is some debate about the term HELOC for purchase money loans and whether they are recourse or not, and attorney can help you figure it out.
Good luck
February 16, 2008 at 10:55 AM #154486seattle-reloParticipantIf the second was a purchase money loan there is a good chance that it’s also nonrecourse. Again, as suggested to the other “should I stay or should I go” poster, talk to an attorney and accountant that have expertise in this area. I believe there is some debate about the term HELOC for purchase money loans and whether they are recourse or not, and attorney can help you figure it out.
Good luck
February 16, 2008 at 10:55 AM #154499seattle-reloParticipantIf the second was a purchase money loan there is a good chance that it’s also nonrecourse. Again, as suggested to the other “should I stay or should I go” poster, talk to an attorney and accountant that have expertise in this area. I believe there is some debate about the term HELOC for purchase money loans and whether they are recourse or not, and attorney can help you figure it out.
Good luck
February 16, 2008 at 10:55 AM #154510seattle-reloParticipantIf the second was a purchase money loan there is a good chance that it’s also nonrecourse. Again, as suggested to the other “should I stay or should I go” poster, talk to an attorney and accountant that have expertise in this area. I believe there is some debate about the term HELOC for purchase money loans and whether they are recourse or not, and attorney can help you figure it out.
Good luck
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