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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] CA Situation Posted by Tim D on April 13, 2009 at 12:01 AM Here is a summary of my situation. In 2005 I purchased a town home in CA for $415k. I financed 100% of the purchase amount with 2 mortgages (80/20); no down. My current lender is the 3rd lender to have owned both mortgages. By my estimation, the current fair market value of the home is $240k. I have never missed nor have I been late on a payment. I am, however, considering ceasing to make any more payments on either mortgage. Ideally, I'd like my lender to modify my loan so that the principle amount is $300k (30 yr). However, I realize this is highly unlikely. I am willing to go into foreclosure as I believe my credit score will recover sooner than the value of my home will. I have never refinanced either mortgage so as far as I know, both mortgages are "purchase money" loans. Being in CA, my understanding is that both mortgages are non recourse loans and my lender cannot issue a deficiency on either loan. Any insight or issues I should be aware of would be appreciated. Thank you Follow Ups: Re: CA Situation Lbelland 12:26 AM, 04/18/09 (0) Re: CA Situation Rick, the Probate Guy 2:59 PM, 04/13/09 (4) Isn't this what the bank have done? Frank 7:01 AM, 04/15/09 (2) Who's responsible for market timing error? CC in OC 10:46 AM, 04/15/09 (1) Too big to fail!? Frank 1:20 PM, 04/15/09 (0) Re: CA Situation Tim D 3:11 PM, 04/13/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Here is a summary of my situation. In 2005 I purchased a town home in CA for $415k. I financed 100% of the purchase amount with 2 mortgages (80/20); no down. My current lender is the 3rd lender to have owned both mortgages. By my estimation, the current fair market value of the home is $240k. : I have never missed nor have I been late on a payment. I am, however, considering ceasing to make any more payments on either mortgage. Ideally, I'd like my lender to modify my loan so that the principle amount is $300k (30 yr). However, I realize this is highly unlikely. I am willing to go into foreclosure as I believe my credit score will recover sooner than the value of my home will. I have never refinanced either mortgage so as far as I know, both mortgages are "purchase money" loans. Being in CA, my understanding is that both mortgages are non recourse loans and my lender cannot issue a deficiency on either loan. : Any insight or issues I should be aware of would be appreciated. Thank you [ 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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