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March 10, 2010 at 3:20 PM #17182March 10, 2010 at 3:30 PM #524116Nor-LA-SD-guyParticipant
Very Few home owners (who do not already own their home out right) have only the mortgage that they used to purchase their home with, be careful, just stopping to pay could be the worst thing you have ever done to your financial situation.
The KEY here is “the mortgage that they used to purchase their home”
A short sale may be your best option.
Please read the fine print first. Don’t go by what you hear on these boards.
March 10, 2010 at 3:30 PM #524254Nor-LA-SD-guyParticipantVery Few home owners (who do not already own their home out right) have only the mortgage that they used to purchase their home with, be careful, just stopping to pay could be the worst thing you have ever done to your financial situation.
The KEY here is “the mortgage that they used to purchase their home”
A short sale may be your best option.
Please read the fine print first. Don’t go by what you hear on these boards.
March 10, 2010 at 3:30 PM #525048Nor-LA-SD-guyParticipantVery Few home owners (who do not already own their home out right) have only the mortgage that they used to purchase their home with, be careful, just stopping to pay could be the worst thing you have ever done to your financial situation.
The KEY here is “the mortgage that they used to purchase their home”
A short sale may be your best option.
Please read the fine print first. Don’t go by what you hear on these boards.
March 10, 2010 at 3:30 PM #524790Nor-LA-SD-guyParticipantVery Few home owners (who do not already own their home out right) have only the mortgage that they used to purchase their home with, be careful, just stopping to pay could be the worst thing you have ever done to your financial situation.
The KEY here is “the mortgage that they used to purchase their home”
A short sale may be your best option.
Please read the fine print first. Don’t go by what you hear on these boards.
March 10, 2010 at 3:30 PM #524694Nor-LA-SD-guyParticipantVery Few home owners (who do not already own their home out right) have only the mortgage that they used to purchase their home with, be careful, just stopping to pay could be the worst thing you have ever done to your financial situation.
The KEY here is “the mortgage that they used to purchase their home”
A short sale may be your best option.
Please read the fine print first. Don’t go by what you hear on these boards.
March 10, 2010 at 4:33 PM #524171Nor-LA-SD-guyParticipant“The big mistake homeowners make is turning a “non-recourse” second loan into a “recourse” loan by refinancing it. A non-recourse loan is a loan that the bank can only look to their secured interest.
So how is a second mortgage a non-recourse loan? Simple, it was “purchase money” for your home. A purchase money loan is one where the money went from the lender, to escrow, and then to the seller or to pay purchase closing costs. In California purchase money loans made on your home (note: not second home or investment properties) are non-recourse. It’s simple as that.”
March 10, 2010 at 4:33 PM #525103Nor-LA-SD-guyParticipant“The big mistake homeowners make is turning a “non-recourse” second loan into a “recourse” loan by refinancing it. A non-recourse loan is a loan that the bank can only look to their secured interest.
So how is a second mortgage a non-recourse loan? Simple, it was “purchase money” for your home. A purchase money loan is one where the money went from the lender, to escrow, and then to the seller or to pay purchase closing costs. In California purchase money loans made on your home (note: not second home or investment properties) are non-recourse. It’s simple as that.”
March 10, 2010 at 4:33 PM #524308Nor-LA-SD-guyParticipant“The big mistake homeowners make is turning a “non-recourse” second loan into a “recourse” loan by refinancing it. A non-recourse loan is a loan that the bank can only look to their secured interest.
So how is a second mortgage a non-recourse loan? Simple, it was “purchase money” for your home. A purchase money loan is one where the money went from the lender, to escrow, and then to the seller or to pay purchase closing costs. In California purchase money loans made on your home (note: not second home or investment properties) are non-recourse. It’s simple as that.”
March 10, 2010 at 4:33 PM #524845Nor-LA-SD-guyParticipant“The big mistake homeowners make is turning a “non-recourse” second loan into a “recourse” loan by refinancing it. A non-recourse loan is a loan that the bank can only look to their secured interest.
So how is a second mortgage a non-recourse loan? Simple, it was “purchase money” for your home. A purchase money loan is one where the money went from the lender, to escrow, and then to the seller or to pay purchase closing costs. In California purchase money loans made on your home (note: not second home or investment properties) are non-recourse. It’s simple as that.”
March 10, 2010 at 4:33 PM #524749Nor-LA-SD-guyParticipant“The big mistake homeowners make is turning a “non-recourse” second loan into a “recourse” loan by refinancing it. A non-recourse loan is a loan that the bank can only look to their secured interest.
So how is a second mortgage a non-recourse loan? Simple, it was “purchase money” for your home. A purchase money loan is one where the money went from the lender, to escrow, and then to the seller or to pay purchase closing costs. In California purchase money loans made on your home (note: not second home or investment properties) are non-recourse. It’s simple as that.”
March 10, 2010 at 4:48 PM #524769Nor-LA-SD-guyParticipantCALIFORNIA: California’s anti-deficiency law applies only to funds used to purchase a residence. The anti-deficiency law does not apply to additional financing such as second mortgages or home-equity loans. California requires foreclosure on real property trust deeds and mortgages instead of a suit on the note. No deficiency judgment is possible where the seller takes back a purchase money note and deed of trust as part of the sale financing. If a third-party lender finances the purchase, the third party cannot recover a deficiency judgment if that loan is given and used for paying all or part of the purchase price, is secured by the property purchased, is a property for use by no more than four people, and is owner occupied. A deficiency judgment is not available if the lender forecloses by private sale by TRUSTEE instead of a judicial foreclosure law suit. Federally made or guaranteed loans are generally not subject to the anti-deficiency laws of the state. V. A., FHA and Small Business Administration loans may subject the borrower to a deficiency judgment. A third-party refinance of a purchase money loan is not a purchase money loan and the buyer could be personally liable for payment of the seller’s note after a judicial foreclosure.
March 10, 2010 at 4:48 PM #525123Nor-LA-SD-guyParticipantCALIFORNIA: California’s anti-deficiency law applies only to funds used to purchase a residence. The anti-deficiency law does not apply to additional financing such as second mortgages or home-equity loans. California requires foreclosure on real property trust deeds and mortgages instead of a suit on the note. No deficiency judgment is possible where the seller takes back a purchase money note and deed of trust as part of the sale financing. If a third-party lender finances the purchase, the third party cannot recover a deficiency judgment if that loan is given and used for paying all or part of the purchase price, is secured by the property purchased, is a property for use by no more than four people, and is owner occupied. A deficiency judgment is not available if the lender forecloses by private sale by TRUSTEE instead of a judicial foreclosure law suit. Federally made or guaranteed loans are generally not subject to the anti-deficiency laws of the state. V. A., FHA and Small Business Administration loans may subject the borrower to a deficiency judgment. A third-party refinance of a purchase money loan is not a purchase money loan and the buyer could be personally liable for payment of the seller’s note after a judicial foreclosure.
March 10, 2010 at 4:48 PM #524865Nor-LA-SD-guyParticipantCALIFORNIA: California’s anti-deficiency law applies only to funds used to purchase a residence. The anti-deficiency law does not apply to additional financing such as second mortgages or home-equity loans. California requires foreclosure on real property trust deeds and mortgages instead of a suit on the note. No deficiency judgment is possible where the seller takes back a purchase money note and deed of trust as part of the sale financing. If a third-party lender finances the purchase, the third party cannot recover a deficiency judgment if that loan is given and used for paying all or part of the purchase price, is secured by the property purchased, is a property for use by no more than four people, and is owner occupied. A deficiency judgment is not available if the lender forecloses by private sale by TRUSTEE instead of a judicial foreclosure law suit. Federally made or guaranteed loans are generally not subject to the anti-deficiency laws of the state. V. A., FHA and Small Business Administration loans may subject the borrower to a deficiency judgment. A third-party refinance of a purchase money loan is not a purchase money loan and the buyer could be personally liable for payment of the seller’s note after a judicial foreclosure.
March 10, 2010 at 4:48 PM #524328Nor-LA-SD-guyParticipantCALIFORNIA: California’s anti-deficiency law applies only to funds used to purchase a residence. The anti-deficiency law does not apply to additional financing such as second mortgages or home-equity loans. California requires foreclosure on real property trust deeds and mortgages instead of a suit on the note. No deficiency judgment is possible where the seller takes back a purchase money note and deed of trust as part of the sale financing. If a third-party lender finances the purchase, the third party cannot recover a deficiency judgment if that loan is given and used for paying all or part of the purchase price, is secured by the property purchased, is a property for use by no more than four people, and is owner occupied. A deficiency judgment is not available if the lender forecloses by private sale by TRUSTEE instead of a judicial foreclosure law suit. Federally made or guaranteed loans are generally not subject to the anti-deficiency laws of the state. V. A., FHA and Small Business Administration loans may subject the borrower to a deficiency judgment. A third-party refinance of a purchase money loan is not a purchase money loan and the buyer could be personally liable for payment of the seller’s note after a judicial foreclosure.
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