Comments on: Jingle Mail and California Law: Giving the mortgage back to the bank http://gweston.wordpress.com/2008/01/30/jingle-mail-and-california-law-giving-the-mortgage-back-to-the-bank/ Sun, 19 Jul 2009 21:14:09 +0000 http://wordpress.com/ hourly 1 By: Hypotheek http://gweston.wordpress.com/2008/01/30/jingle-mail-and-california-law-giving-the-mortgage-back-to-the-bank/#comment-250 Hypotheek Thu, 26 Feb 2009 20:55:14 +0000 http://gweston.wordpress.com/?p=3#comment-250 They can sue and get a judgment after the house is gone. They can sue and get a judgment after the house is gone.

]]> By: Duarte http://gweston.wordpress.com/2008/01/30/jingle-mail-and-california-law-giving-the-mortgage-back-to-the-bank/#comment-246 Duarte Thu, 08 Jan 2009 18:58:47 +0000 http://gweston.wordpress.com/?p=3#comment-246 I recently foreclosed on my house in CA, and I had an 80/20 loans, only purchase-money loans, and the second lender is trying to collect now. Apparently, AIG insured the loan (probably paid for by the higher interest rate), and and now AIG is trying to collect. It was a trustee sale, and the second lender was wiped out completely. Now I have a lawyer in Sacramento to help deal with this. The first lender will be lucky to recover 75%. Does anyone else have the same situation? I recently foreclosed on my house in CA, and I had an 80/20 loans, only purchase-money loans, and the second lender is trying to collect now. Apparently, AIG insured the loan (probably paid for by the higher interest rate), and and now AIG is trying to collect. It was a trustee sale, and the second lender was wiped out completely. Now I have a lawyer in Sacramento to help deal with this. The first lender will be lucky to recover 75%. Does anyone else have the same situation?

]]> By: Dean http://gweston.wordpress.com/2008/01/30/jingle-mail-and-california-law-giving-the-mortgage-back-to-the-bank/#comment-64 Dean Fri, 29 Feb 2008 09:36:47 +0000 http://gweston.wordpress.com/?p=3#comment-64 Greg-I believe there's a distinction b/w those LOC 2nds that were drawn down, paid off then drawn down again, vs those that were only drawn down. The latter is considered a purchase money loan, the former isn't. Thanks for the good info - very much enjoy your blogging. Greg-I believe there’s a distinction b/w those LOC 2nds that were drawn down, paid off then drawn down again, vs those that were only drawn down. The latter is considered a purchase money loan, the former isn’t.

Thanks for the good info – very much enjoy your blogging.

]]> By: gweston http://gweston.wordpress.com/2008/01/30/jingle-mail-and-california-law-giving-the-mortgage-back-to-the-bank/#comment-9 gweston Tue, 05 Feb 2008 22:46:46 +0000 http://gweston.wordpress.com/?p=3#comment-9 Foreclose me: My reading of the law is that a situation involving a second mortgage taken out at the same time as the first one, and used to purchase a residential property, the 2nd lender has no recourse. That's why in all the 80/20 and 80/15 loans that were once common here in California the interest rate was much higher on the second loan. The risk to the 2nd lender was much higher. Foreclose me:

My reading of the law is that a situation involving a second mortgage taken out at the same time as the first one, and used to purchase a residential property, the 2nd lender has no recourse.

That’s why in all the 80/20 and 80/15 loans that were once common here in California the interest rate was much higher on the second loan. The risk to the 2nd lender was much higher.

]]> By: foreclose_me http://gweston.wordpress.com/2008/01/30/jingle-mail-and-california-law-giving-the-mortgage-back-to-the-bank/#comment-5 foreclose_me Fri, 01 Feb 2008 18:25:48 +0000 http://gweston.wordpress.com/?p=3#comment-5 I think I read elsewhere that the 2nd lender can still collect from Bob, because they don't have the ability to foreclose once the 1st lender has done so. In other words, they can sue and get a judgment after the house is gone. Perhaps you should double check that. I think I read elsewhere that the 2nd lender can still collect from Bob, because they don’t have the ability to foreclose once the 1st lender has done so. In other words, they can sue and get a judgment after the house is gone. Perhaps you should double check that.

]]> By: Troy http://gweston.wordpress.com/2008/01/30/jingle-mail-and-california-law-giving-the-mortgage-back-to-the-bank/#comment-4 Troy Fri, 01 Feb 2008 11:28:54 +0000 http://gweston.wordpress.com/?p=3#comment-4 What about non cash-out refis? What about non cash-out refis?

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