[92027_guy]

MM: Thanks I missed the “equity lines” description, my wells 2nd is purchase money and they recently sold it to a collection agency anyway, so your comment peaked my interest obviously. I’m relying on chap 7 to get a fresh start so I’m not too worried about it.

[92027_guy]

MM: Thanks I missed the “equity lines” description, my wells 2nd is purchase money and they recently sold it to a collection agency anyway, so your comment peaked my interest obviously. I’m relying on chap 7 to get a fresh start so I’m not too worried about it.

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[92027_guy]

[quote=macromaniac]

This is what is happening now so those of you who are late on your seconds may want to pay attention. Banks (Wells Fargo) that have pools of equity lines are taking portions of them based upon delinquency and writing them off, similar to a CC charge off, before they foreclose or SS and selling the debts to collectors.

This means that you will have collectors hounding you for the rest of your life and possibly bring a judgment against you and goes as far as wage garnishment for the collection.
[/quote]

MacroManic: I’m not sure what you are saying? How can a second sell a non-recourse loan to some collector who can then try to hunt you down for years? They can’t just change the terms of the loan to where they can garish wages etc, right? A purchase money second only has right to the secured asset, nothing else as I understand it by CA law.

[92027_guy]

Dwcap,

Yeap that’s me, My back yard is facing south actually. I like it, to be honest I don’t have a GREAT view but it was important to me to NOT have someone elses window looking down into my back yard. South facing is not good for growing grass though, so my back yard (which is pretty big by CA standards 10,000sq ft lot) is a bunch of weeds as I couldn’t justify the water waste to keep it green.
As far as the premium, I guess that’s hard to tell what that was now that the whole market has collapsed since I bought. But all in all, it was a good setup to spend the last 2.5 years, and I’d have to say the privacy, scenery, breeze is worth it to me. YMMV

[92027_guy]

Dwcap,

Yeap that’s me, My back yard is facing south actually. I like it, to be honest I don’t have a GREAT view but it was important to me to NOT have someone elses window looking down into my back yard. South facing is not good for growing grass though, so my back yard (which is pretty big by CA standards 10,000sq ft lot) is a bunch of weeds as I couldn’t justify the water waste to keep it green.
As far as the premium, I guess that’s hard to tell what that was now that the whole market has collapsed since I bought. But all in all, it was a good setup to spend the last 2.5 years, and I’d have to say the privacy, scenery, breeze is worth it to me. YMMV

[92027_guy]

Dwcap,

Yeap that’s me, My back yard is facing south actually. I like it, to be honest I don’t have a GREAT view but it was important to me to NOT have someone elses window looking down into my back yard. South facing is not good for growing grass though, so my back yard (which is pretty big by CA standards 10,000sq ft lot) is a bunch of weeds as I couldn’t justify the water waste to keep it green.
As far as the premium, I guess that’s hard to tell what that was now that the whole market has collapsed since I bought. But all in all, it was a good setup to spend the last 2.5 years, and I’d have to say the privacy, scenery, breeze is worth it to me. YMMV

[92027_guy]

Dwcap,

Yeap that’s me, My back yard is facing south actually. I like it, to be honest I don’t have a GREAT view but it was important to me to NOT have someone elses window looking down into my back yard. South facing is not good for growing grass though, so my back yard (which is pretty big by CA standards 10,000sq ft lot) is a bunch of weeds as I couldn’t justify the water waste to keep it green.
As far as the premium, I guess that’s hard to tell what that was now that the whole market has collapsed since I bought. But all in all, it was a good setup to spend the last 2.5 years, and I’d have to say the privacy, scenery, breeze is worth it to me. YMMV

[92027_guy]

Dwcap,

Yeap that’s me, My back yard is facing south actually. I like it, to be honest I don’t have a GREAT view but it was important to me to NOT have someone elses window looking down into my back yard. South facing is not good for growing grass though, so my back yard (which is pretty big by CA standards 10,000sq ft lot) is a bunch of weeds as I couldn’t justify the water waste to keep it green.
As far as the premium, I guess that’s hard to tell what that was now that the whole market has collapsed since I bought. But all in all, it was a good setup to spend the last 2.5 years, and I’d have to say the privacy, scenery, breeze is worth it to me. YMMV

[92027_guy]

All good thoughts, that’s why I like this forum. I wasn’t taking into account the increased supply as well from “all those foreclosed houses” or the move in with the parents/friends deal. Hopefully I’m going to get to avoid that…

I’m going to know a lot more about the prices of rents around ohhhh say Fall 2009. I’ll post about what I find as I take the walk of shame from owner to renter. Might check out a different area though, been in MM since 2003, maybe Tirrasanta or Santee.

[92027_guy]

All good thoughts, that’s why I like this forum. I wasn’t taking into account the increased supply as well from “all those foreclosed houses” or the move in with the parents/friends deal. Hopefully I’m going to get to avoid that…

I’m going to know a lot more about the prices of rents around ohhhh say Fall 2009. I’ll post about what I find as I take the walk of shame from owner to renter. Might check out a different area though, been in MM since 2003, maybe Tirrasanta or Santee.

[92027_guy]

All good thoughts, that’s why I like this forum. I wasn’t taking into account the increased supply as well from “all those foreclosed houses” or the move in with the parents/friends deal. Hopefully I’m going to get to avoid that…

I’m going to know a lot more about the prices of rents around ohhhh say Fall 2009. I’ll post about what I find as I take the walk of shame from owner to renter. Might check out a different area though, been in MM since 2003, maybe Tirrasanta or Santee.

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