Foreclosure in 95337>Question Details

Ladeza, Other/Just Looking in Manteca, CA

I foreclosured my home with equity maximer with Bank of america do I have to pay it even I foreclose this home

Asked by Ladeza, Manteca, CA Sun Nov 15, 2009

I have 2 loans primary loan and equity maximizer with bank of america, after one year BofA called and demanding to pay for this loan, do I have to pay this or not

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Answers

3
The equity maximizer be the loan that the bank of america can try to collect. This would not of been a loan used to purchase the property and most likely is a recourse loan or worse a home used for your credit cards.

Talk to an attorney but I have seen issues like this with home equity loans.

Good Luck
Keith Manson
First Weber Group
Certified Distressed PRoperty Expert
Metro Milwaukee

http://www.milwaukeebailout.com
1 vote Thank Flag Link Sat Jul 24, 2010
I agree with Danny. If it was purchase money then it would fall under the non-recourse section but its always good to seek legal advise.
1 vote Thank Flag Link Thu Jul 22, 2010
If both loans are the same ones from when you purchased the home, then they should be considered non-recourse. This means that the only recourse lender has is to foreclose on the home to collect monies owed. However, if you had refinanced in the past, then this does not apply and they can hold you personally liable for any "deficiency" in payoff. Even so, my understanding is that if any lien holder initiates foreclosure in a non-judicial fashion in CA, your are not liable for any deficiencies on that loan. In this case, since BofA held both 1st and 2nd liens, there's a bit of uncertainty. It can get complicated. It's best you consult an attorney to be sure. Good luck.
0 votes Thank Flag Link Sun Nov 15, 2009
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