On Trulia.com, the Real Estate Search Engine, a reader asks if mortgage loans in California are "No Recourse," meaning that once the borrower turns over the house, he or she owes the lender nothing more.
Hemet Real Estate Broker Christopher Walker answers:
California does not provide recourse for "purchase money" loans with only rare exceptions. Purchase money is when you are taking a loan at the time of purchase. If you have re-financed your home, taken out a HELOC or other loan after the time of purchase, your lender may have the ability to collect from you even after foreclosure. It is imparative that you seek the advice of a competent real estate attorney immediately.Excellent advice. If you didn't completely read and understand your mortgage when you signed it, then make sure you talk to an attorney before you give your house back to the bank. An attorney may be expensive, but you want to make sure that you cover all your bases.
1 comment:
To work out the best strategy for myself I prefer to analyze all the accessible information. Some information about mortgages and loans I've also found on Fizber.
Post a Comment