Re: buying another before foreclosing?

Posted by Julio Martinez-Clark on February 27, 2008 at 20:42:28:

In Reply to: Re: buying another before foreclosing? posted by steve on February 27, 2008 at 18:43:47:

Steve,

The fact that your new home is $190K and the new payments are $1,160 for 30 years, doesn't mean that the asset will not depreciate in value in the future as all data/indicators suggest.

From //www.sandiegopredatorylending.com/?p=33: "In California, a lender who loaned you money to BUY your home, which you ORIGINALLY moved into as your primary residence, cannot do anything other than foreclose. This means if the foreclosure sale does not pay all “purchase money” loans, those lenders cannot sue you for the unpaid balance. Most importantly, this includes second mortgages used in many 80/20 100% financing deals. If you REFINANCED any of these loans, or paid down purchase money HELOC and drew down on it again, this rule does not apply."

Julio Martinez-Clark

Follow Ups:


Name    : 
E-Mail  : 
Subject : 

Comments:

 

      The "Reply" function is disabled for older messages.
Please visit the Foreclosure Discussion Board for current discussions.