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Foreclosure in Sausalito : Real Estate Advice

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Activity 2
Fri May 8, 2015
What property?

I do not check replies, so if you have a comment or question email me here:

Alex Greer
Loan Officer
NMLS #1056079 ... more
0 votes 1 answer Share Flag
Mon Aug 25, 2008
Paul Bragstad answered:
In California a purchase money loan for an owner occupied 1-4 units does not subject you to a deficiency judgement on other assets if you default. The bank's only recourse is the home. If you refinance or add a second loan after purchase, those loans could make you vulnerable to recourse from the bank if the foreclosure sale proceeds do not equal your debt. You did not specify how your loan was modified.
I would ask the bank to put in writing that this is still a purchase money loan.
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