California Deficiency Judgement on Heloc?
Posted by Iam Ashamed on December 24, 2008 at 12:23:09:
Hi,
I purchased my home here in California on an 80/20 5 yr. ARM loan last March 2004 and my 5yr fixed is ending which means I will be paying a high monthly mortgage this March 2009. Since I may not be able to afford payment anymore after the interest reset, I am thinking of having it foreclosed. From past to the present I am only paying interest to these both loans
But sometime 2 years ago I took a Heloc on my 2nd mortgage in the amount of $15000 and is now added to the balance that I paid interest only every month.
If I have this home foreclosed will there be a possible deficiency judgement on the entire 2nd loan which is now about $ 63,000 or just the $15000 that I took?
Thanks in advance,
Iam Ashamed
Follow Ups:
- Re: California Deficiency Judgement on Heloc? - dr 19:00:03 12/25/08
(2)
- Re: California Deficiency Judgement on Heloc? - Iam Ashamed 09:29:55 12/26/08
(1)
- Re: California Deficiency Judgement on Heloc? - dr 00:26:53 12/27/08
(0)
- Re: California Deficiency Judgement on Heloc? - Fp 00:58:19 12/25/08
(1)
- Re: California Deficiency Judgement on Heloc? - dr 08:54:48 12/27/08
(0)
