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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Yes and No. Posted by JK (the other JK) on July 07, 2010 at 10:30 PM In Reply to: 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?? A purchase money loan is a purchase money loan. There is no verbiage that can be "sneaked in" on your loan docs. However, if you lied on your loan application (95% of Californian borrowers did in 07, i.e. "Stated Income Loans") they could get around the anti-deficiency laws for that and win a judgment against you. More than likely they are just bluffing as a tactic to collect. However, you should consult a bankruptcy attorney now so you can put things in order just in case. Follow Ups: 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?? : A purchase money loan is a purchase money loan. There is no verbiage that can be "sneaked in" on your loan docs. However, if you lied on your loan application (95% of Californian borrowers did in 07, i.e. "Stated Income Loans") they could get around the anti-deficiency laws for that and win a judgment against you. More than likely they are just bluffing as a tactic to collect. However, you should consult a bankruptcy attorney now so you can put things in order just in case. [ 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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