Re: California Deficiency Judgement on Heloc?

Posted by Iam Ashamed on December 26, 2008 at 09:29:55:

In Reply to: Re: California Deficiency Judgement on Heloc? posted by dr on December 25, 2008 at 19:00:03:

Thanks for you reply.

here's an excerpt of the modification document I signed with them on the 2nd Loan:

Lender has extended credit to borrower pursuant to a HELOC Agreement and Disclosure Statement dated March 23, 2004, ( The "Equity Line Agreement"). The debt evidenced by the Equity Line Ageement is secured by a Mortgage/Deed of Trust/Security Deed dated March 23, 2004 and recorded on March 26, 2004 i Recording/instrument number ##### in the office of the County Clerk of ####County.

NOW, THEREFORE, for valuable consideration, receipt of which is hereby acknowledged, Borrower, Grantor/Trustor and Lender hereby agree as follows:

The Equity Line Agreement is hereby amended to change the amount of credit available to Borrower("Credit Limit") to $63,000.00. The Mortgage is hereby amended to state that the total amount secured by the Mortgage shall not excedd $63,000.00 at any one time.

CONTINUING VALIDITY. Except as expressly modified above and by previous modification(s), if any, specified above, the terms of the original Mortgage shall remain unchanged and in full force and effect. Consent by Lender to this Modification does not waive Lender's right to require strict performance of the Mortgage as changed above nor obligate Lender to make any future modifications. Nothing in this Modification shall constitute a satisfaction, novation or partial release of the Equity Line Agreement secured by the Mortgage. It is the intention of Lender to retain as liable all parties to the Mortgage and all parties, makers and endorsers to the Credit Line Agreement, including accomodation makers, shall not be released by virtue of this Modification.


Since with these statements, it appears that the credit line was just extended. And on the Continuing Validity it states that the original mortgage remain unchanged.

I am still confused. I appreciate if somebody can interpret this modification for me.

Thanks again!

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