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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Follow-up On This Month's Article Posted by Rick Harmon on December 19, 2003 at 5:10 PM In Reply to: Follow-up On This Month's Article posted by Gary Chung on December 19, 2003 at 3:17 PM : Ward: : Nice article this month. I need a clarification. If I understand it right, in general, a loan used to 'purchase' a house is exempt (unless it's backed by FHA/VA) from any future deficiency judgments. However, if I refinance to take advantage of today's low rates, then the new loan is considered a 'hard money' loan (as defined in your article) and therefore subject to possible future deficiency judgment but only if the lender/beneficiary chooses to foreclosure judicially. Have I got that right? I ask because your article doesn't directly reference a new refinance loan. : I can see this as a point that I can use in talking with someone in foreclosure. That is, if they choose to let their home go to foreclosure instead of selling to an investor...like me, I can inform them that their troubles may not be over after the sale and that the lender may still come after them for the deficiency. : Thanks, : Gary =========================== Hey Gary! Since most people that you will be contacting are already in foreclosure, non-judicial foreclosure that is, your claim to fame would be misleading unless their lender had initiated a judicial, thru-the-court action. Good try, tho. You're always thinking and I like that! Rick Follow Ups: Re: Follow-up On This Month's Article Gary Chung 11:07 PM, 12/19/03 (1) Re: Follow-up On This Month's Article frankCA 8:03 AM, 12/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward: : : Nice article this month. I need a clarification. If I understand it right, in general, a loan used to 'purchase' a house is exempt (unless it's backed by FHA/VA) from any future deficiency judgments. However, if I refinance to take advantage of today's low rates, then the new loan is considered a 'hard money' loan (as defined in your article) and therefore subject to possible future deficiency judgment but only if the lender/beneficiary chooses to foreclosure judicially. Have I got that right? I ask because your article doesn't directly reference a new refinance loan. : : I can see this as a point that I can use in talking with someone in foreclosure. That is, if they choose to let their home go to foreclosure instead of selling to an investor...like me, I can inform them that their troubles may not be over after the sale and that the lender may still come after them for the deficiency. : : Thanks, : : Gary : =========================== : Hey Gary! : Since most people that you will be contacting are already in foreclosure, non-judicial foreclosure that is, your claim to fame would be misleading unless their lender had initiated a judicial, thru-the-court action. : Good try, tho. You're always thinking and I like that! : Rick Optional Link URL: Link Title: Optional Image URL: [ 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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