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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Ca 80-20 foreclosure days away Posted by Mikes holmes on July 07, 2010 at 8:13 PM Hello all again. My name is mike I posted on here some time Ago but it's been a Long while. I have an 80/20 loan taken out in July of 07. I am being foreclosed and the trustee sale is about 10 days away. I've done and tried everything to save or modify the house. I failed and I take full responsibility for it. I've researched all of the possible tax liabilities and I have a firm understanding of them. But a new issue arose. These loans were thought to be purchase loans. I got both the same day from the same title company and they recorded simultaneously. They are both 30 year fixed with no balloon. Lender 1 with the 80 has actually been fairly clear. They plan to foreclose and being a purchase Loan in ca they will be extinguished after the trustee sale. Number 2 with the 20 is possibly pulling scare tactics. They say now that they can and will pursue a deficiency judgment against me. I Advise them it's a purchase loan in ca and they say that it's not and that I should reread the title docs. I went to one title company on one day and signed one set of docs. Could they have sneaked in verbiage to evade the 580b rules?? Follow Ups: Going from a secured lien to unsecured note... Ward-CA 1:22 AM, 07/13/10 (0) Yes and No. JK (the other JK) 10:30 PM, 07/07/10 (3) Re: Yes and No. Mike 11:01 PM, 07/07/10 (2) Re: Yes and No. Mer 9:11 PM, 07/08/10 (1) Re: Yes and No. Mikejonesiv 5:57 PM, 07/09/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hello all again. My name is mike I posted on here some time Ago but it's been a : Long while. I have an 80/20 loan taken out in July of 07. I am being foreclosed : and the trustee sale is about 10 days away. I've done and tried everything to : save or modify the house. I failed and I take full responsibility for it. I've : researched all of the possible tax liabilities and I have a firm understanding of : them. But a new issue arose. These loans were thought to be purchase loans. I : got both the same day from the same title company and they recorded : simultaneously. They are both 30 year fixed with no balloon. Lender 1 with the : 80 has actually been fairly clear. They plan to foreclose and being a purchase : Loan in ca they will be extinguished after the trustee sale. Number 2 with the : 20 is possibly pulling scare tactics. They say now that they can and will pursue a : deficiency judgment against me. I Advise them it's a purchase loan in ca and : they say that it's not and that I should reread the title docs. I went to one title : company on one day and signed one set of docs. Could they have sneaked in : verbiage to evade the 580b rules?? [ 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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