Asked by Outsicktoday, Victorville, CA • Sun Mar 21, 2010
I purchased with 20% down, then refinanced three years later for the same amount (purchase was 217,000 after the 20% down 227,000 after the refi due to the closing costs being rolled into the new loan). No money was taken out. I have now purchased a new home and I intend to rent the current one even if I have to use Section-8 to do so. My intent is not to foreclose, but it is certainly a risk. I had a phone consultation with a local attorney and they informed me that my loan on the first home is still non-recourse. I read the loan docs and the docs refer to the refinance as a purchase money loan, and nothing is mentioned about recourse. Thoughts? I keep reading contradictory information about the lenders ability to claim recourse. I keep reading about judicial foreclosures versus trustee sales. I understand about the credit hit. I have tried everything to deal with the situation I am in regarding the first home (no mod approval, nothing). Bank of America approved both loans.
Real Estate in Victorville
Popular Categories in Victorville
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!