Financing in 95823>Question Details

Needinghelpi…, Home Owner in 95823

I refinanced my original loan, pulled out $15K, it is now in foreclosure with HOA, what will happen to the mortgage? Am I still responsible?

Asked by Needinghelpinca, 95823 Tue May 31, 2011

The HOA is foreclosing on the property, what will happen with the mortgage on the property? I purchased the property for $100K, took a mtg for $85K, 6 months later I refinanced for $100K, I do not have my Note in front of me, once refinanced, is it automatically a recourse loan and the property is now worth $32K so at an auction monies will not be recooped by the bank, how will this affect me later down the road?

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You will need to call two people.
1 a chiropractor for looking over your shoulder.
2 a real estate attorney.
The attorney should be able to make you feel better than the chiropractor.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate Broker License # 01312992
1 vote Thank Flag Link Wed Jun 1, 2011
A college professor, "Professor Shay", in Northern California put together a 20 minute presentation on California Deficiency Judgment Potential, it is contained within this thread at LoanSafe.org

http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-n…

This information is awesome, and is a *must listen* to anyone who has questions about potential deficiency judgments in California... not just homeowners & homebuyers, but real estate agents, mortgage loan officers, title officers, etc.
0 votes Thank Flag Link Wed Jun 1, 2011
You need to consult a real estate attorney asap.
0 votes Thank Flag Link Tue May 31, 2011
Under current California regulations, as you state, it may be a recourse loan?
0 votes Thank Flag Link Tue May 31, 2011
Have you consulted a real estate attorney?

Your best resource for information is a real estate attorney specializing in these matters. All anyone can do to help you on this forum is to tell you to see one.

If you are delinquent on your HOA, the HOA can indeed foreclose on your property. Depending on the terms of your loan, you may not be automatically relieved of your obligations to repay your mortgage and other notes.

If you lose your property to a foreclosure, you should be aware of the consequences on your credit -- it could take you 7 years or so to recover and to qualify to buy another property in the future.

Good luck!
.
0 votes Thank Flag Link Tue May 31, 2011
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