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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosed - now 2nd has sent me to collections! Posted by Jinger on April 23, 2008 at 9:02 AM In Reply to: Re: Foreclosed - now 2nd has sent me to collections! posted by CC in OC on April 21, 2008 at 7:39 AM : * So, if the second was wiped out and the second was 'recourse' (a loan NOT used to purchase the property such as a refi, and in some cases certain HELOC loans, even if taken out at purchase) then the 2nd might very well have the right to persue collection. * : What are the circumstances under which a purchase money HELOC 2nd would be considered a recourse loan? From what I've heard, if the Heloc was paid down and then had available credit and the borrower accessed additional monies from that loan, 'after the original purchase date', then the loan 'may' be considered a refi of sorts. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : * So, if the second was wiped out and the second was 'recourse' (a loan NOT used to purchase the property such as a refi, and in some cases certain HELOC loans, even if taken out at purchase) then the 2nd might very well have the right to persue collection. * : : What are the circumstances under which a purchase money HELOC 2nd would be considered a recourse loan? : : From what I've heard, if the Heloc was paid down and then had available credit and the borrower accessed additional monies from that loan, 'after the original purchase date', then the loan 'may' be considered a refi of sorts. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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