Posted by Mav on November 12, 2007 at 09:56:21:
In Reply to: Re: Purchase loan or not after refi? posted by Sam on November 12, 2007 at 09:20:57:
A simple comparison of the recorded loan docs should be sufficient. Again, if both mortgages made and recorded at the same time, the SECOND mortgage is considered to be the 'purchase money' mortgage, not the first. As far as I know, under a judicial foreclosure, the lender can seek a deficiency. So, to at least partially answer your question, the first lien could pursue you for the balance of their loan remaining after the sale; the second lien (the $100K one) cannot. Follow Ups:
