Secondary Foreclosure
If your house is worth $50K less than your original purchase money mortgage and you also have a $25K in HELOC?
If the California property is foreclosed on, will the bank that holds the original mortgage take the time and effort to sue you in court for $50K in liability that was lost in the foreclosure sale? I have heard that this may not even be legal in CA? Also, would the secondary bank holding the $25K in HELOC debt take the time to sue you in court for that amount? If not, what amount would the HELOC debt need to rise to for the seconday bank to sue you. Assume you have virtually no liquid assets for the bank to get from you. Thanks for the help.
You may not have any assets now, but they could get a judgement against you and just wait for you to get some assests at another time.
Foreclosure 10701 Alexandria Drive Frisco TX
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Secondary financing and foreclosure guidebook: Materials prepared for short course on home ownership and home financing problems sponsored by Western … Poverty, May 12, 1973 at U.S.C. Law Center … |
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Secondary financing and foreclosure guidebook … |
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From ‘don’t ask, don’t tell’ to ‘zero tolerance, zero defects’.(Tower on Tech)(Secondary mortgage market): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on June 1, 2010. The length of the article is 1163 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: From ‘don’t ask, don… |
