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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Ridiculous Anyway.. except for 2nds?? Posted by jmac on June 02, 2010 at 7:18 PM In Reply to: We don't get to vote. I meant to post posted by JK (the other JK) on June 01, 2010 at 9:21 PM Yes I know we are not voting, you can call your representatives. But this bill is pretty ridiculous anyway, since non-judicial foreclosure and the one action rule eliminate recourse for foreclosing liens. However, 2nd mortgages that are wiped off title (from a senior lien foreclosing), may in effect, now be wiped out, without recourse. I dont know for sure, because I can't find the actual code online. What is really erks me, is that old loans will not be grandfathered in, and they are changing the rules on existing loans. : : As a lender, a buyer of real estate notes and an occasional seller of real estate with seller financing, I will have to oppose this bill. I am all for recourse. : : : : : http://www.marketwire.com/press-release/CAR-Calls-Swift-Passage-SB- : : : 1178-Extending-Anti-Deficiency-Protection-Consumers-1264221.htm : . Follow Ups: Re: Ridiculous Anyway.. except for 2nds?? hard money lender 7:42 PM, 06/02/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Yes I know we are not voting, you can call your representatives. But this bill is pretty ridiculous anyway, since non-judicial foreclosure and the one action rule eliminate recourse for foreclosing liens. : However, 2nd mortgages that are wiped off title (from a senior lien foreclosing), may in effect, now be wiped out, without recourse. I dont know for sure, because I can't find the actual code online. : What is really erks me, is that old loans will not be grandfathered in, and they are changing the rules on existing loans. : : : As a lender, a buyer of real estate notes and an occasional seller of real estate with seller financing, I will have to oppose this bill. I am all for recourse. : : : : : : : http://www.marketwire.com/press-release/CAR-Calls-Swift-Passage-SB- : : : : 1178-Extending-Anti-Deficiency-Protection-Consumers-1264221.htm : : . [ 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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